a good site, with good explanations:
http://www.wpf-tutorial.com/basic-controls/the-textblock-control-inline-formatting/
here the author gives you good examples for what you are looking for! Overal the site is great for research material plus it covers a great deal of options you have in WPF
Edit
There are different methods to format the text. for a basic formatting (the easiest in my opinion):
<TextBlock Margin="10" TextWrapping="Wrap">
TextBlock with <Bold>bold</Bold>, <Italic>italic</Italic> and <Underline>underlined</Underline> text.
</TextBlock>
Example 1 shows basic formatting with Bold Itallic and underscored text.
Following includes the SPAN method, with this you van highlight text:
<TextBlock Margin="10" TextWrapping="Wrap">
This <Span FontWeight="Bold">is</Span> a
<Span Background="Silver" Foreground="Maroon">TextBlock</Span>
with <Span TextDecorations="Underline">several</Span>
<Span FontStyle="Italic">Span</Span> elements,
<Span Foreground="Blue">
using a <Bold>variety</Bold> of <Italic>styles</Italic>
</Span>.
</TextBlock>
Example 2 shows the span function and the different possibilities with it.
For a detailed explanation check the site!