Simple Text Parser

I am looking at developing a simple text parser. Is there an easy way to
format '<b>hello</b> world' and place it in a textbox or label.

I'm looking at implementing hyperlinks and maybe a picture from a text
document like the example above and I might as well add in the normal
b/u/i. Basically I'm looking for speed and a reduction in the size of
the file that needs to be stored as doing this using word documents
would be very sloppy.

Are there any useful controls out there or am I going to have to craft
something myself. And if I'm crafting it myself is there an easy way to
go about it or do I have to start hovering link-labels over textboxes
etc.

Cheers
Matt
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