Formatted text in report parameter

I want the user to add his/her own title and some text to the report which can be bold, different color etc. Can this be done via a single report parameter and are there any ways to do it?

Not out of the box. If you use SRS 2005, the ReportViewer controls (part of VS 2005) will allow you to show reports in any ASP.NET or Winforms application. Using the controls, you can hide the report parameters page and replace it with your own prompting logic. See www.gotreportviewer.com for more details.

If you use SRS 2000, you can achieve most of this by putting an iframe to the report server in your web page and include rc:Parameters=False to hide the parameters area. You web page would be responsible for parameters prompting and for feeding the values to the report server iframe. For ex: http://server/reportserver/?PathToTheReport&rc:Parameters=false&Param1=value1&Param2=Value2