Short answer? No. Rich text is not a feature of html text input fields.
If you are looking for a full scale What-You-See-Is-What-You-Get (WYSIWYG) editor, than check out TinyMCE or Aloha. They use several iFrames and other trickery to provide rich text as input.
IMO, you should use plain text and a markup language. Take a look at what StackOverflow implements on this very site for asking/answering questions. Its a <text area> input that accepts markdown as input and writes an html preview to a separate element on the page.
In the end, the choice depends on your user base. If they are mainly programmers and tech heads, its probably safe to use a markup language and <text area> input. If they are the typical service consumer, TinyMCE or something similar might be your best bet for usability.