Just a quick one, I can't seem to work out how to use simple techniques like bolding text and italic etc. Also, how do I change the font size? Thanks!
As Think Big said, you need to use Basic HTML to format your text. You can always find a link to this at the top of the sidebar when editing your lens. The Squidoo Forums are over at SquidU: www.squidu.com/forums - Plenty of experienced Lensmasters over there, happy to answer your questions.
Think_Big has posted a link to the best resource for using basic HTML on Squidoo. I highly recommend checking out that lens.