Hi! I am using wordpress as well.
There are two ways to enter information, one is to type in the html code, the other is to type in the visual tab, and it will convert to html for you.
All the text that has been input can be formatted a little bit, ie italics and colour etc. If you are using a free wordpess template and blog, the fonts are not really customisable, or thats what I think. I have done a little bit of formatting, check out my blog for an idea of what I've done.
4otomo.wordpress.com
Hope that helps, if you have a specific question, please feel free to ask, I'll try and help if I can.
Best of luck:-)