a. One option is to use the Rich Text Format codes for storing the string. Displaying the strings, if required, would be easy as you can use the RichTextBox control. Morever, this is a good option as RTF codes are pretty standard, and your data can be easily ported between applications if required.
b. Another similar option is HTML code.
c. Yet another is to have your own standard to store the strings and your functions to code/decode the same. It would be a problem however, if you want to enhance (say have provisions for special characters, or underlining, etc.) later on. Morever, for displaying the strings you would again have to use RTF, HTML or similar things.
So, the first 2 and similar options seem the best. You would also have special character support (say characters like 'alpha', 'beta', and many other standard symbols)...
For details about how to implement RTF (and RichTextBox control) or HTML, you would need to have a look at your MSDN collection...
Hope this helped.
Ankan.
Please do correct me if I am wrong. s-)