No there is no rich textbox in visual studio by default, you'll
need a 3rd-party richtext editor component. There are plenty of them, just google on it. You just store the rich text as rich (x)html text. For reporting, you'll need a reporting tool which supports (x)html. Crystal reports does, in a limited way, I think you can use it (just tell the fields on your crystal reports that they should handle html, in the properties).
Hope this helps.