How to use HTML tags in a rich edit control?

I am working on a script that loads data from a file and displays it with bold, highlighted etc. text.
The text looks something like this "This is <b>bold</b> text and this is <c=FF0000>red<c> text"
So how exactly would I go about doing this. (maybe some StringRegExp() magic)

NOTE: I want to load the text from a .txt file not a .rtf file.

I've tried searching and found nothing of intrest.