Problem With TextFormat

I just used Kirupa’s tutorial (very helpful!) about text editing called "Formatiing Textfields using TextFormat. I think this is the link: http://www.kirupa.com/developer/actionscript/textfield.htm

But I was wondering…is it possible for the end user to be able to type in their own text and then edit it with colors and bold etc? Does that make sense?
Thank you!
Meg