XML Help Please!

Is there anyone here that knows XML extremely well? If so can you please help. I have a few paragraphs of information in a node and want ONLY certain words to be bolded also line breaks in certain spaces as well as certain words to be a URL link to open another website. How do i go about accomplishing this, I did it before last year but I need a refresh in my XML tags.

Also is it possible in XML to have some text then a small image beside it in that text field?

Thanks for whoever can help me solve this. =)