Formatting SQL field output (Bold & multi-line 'Can Grow')

I have a subreport that I need to conditionally format the output from a SQL field in the Details section]. Let's call this field Output.Description of 256 characters.

1) IF the Output.Description field contains a colon (":") then I want to format the output for EVERY character before and including the quote to be BOLDED and UNDERLINED. Otherwise, I do nothing - leave the output as-is but still do item #2 below.

2) I also want to INDENT each and every line AFTER the first line about 3-5 characters so that the output is easy to read.

How can I do this?

Output looks something like this:

Hello world, welcome to planet

Earth

Hello world: welcome to planet

Earth

Thanks!!!