Community Editor is web based WYSIWYG HTML editor. It enables ASP.Net Web developers to replace the Textarea in your existing/new Web Sites with a powerful, but easy to use WYSIWYG Editor.
This rich editing tool empowers end users with an intuitive, easy-to-use interface for creating and publishing Posts/Forms without relying on any client-side components or controls.
Community Editor is a desktop editor for the CommunityServer.org Forums that allows you to format your text easily and quickly with real time results.
Community Editor is a free desktop application and can be downloaded at Community Editor
It includes Smiley faces 
,Foreground color, Background coloring, Text Formating, Spell Check and many more options.
Code Block insertion is also supported for various languages
Supported Languages inclued
- Vb.net
- Sql
- C#
- Java
- Html
- XML
Also check out the Free Text Box that has tons of features and would allow the users to use MS Word like features while editing a TextArea.The link is posted at my Blog Post below:
Link to another FreeTextBox