OK Peter, I finally found and loaded some lyrics on WordPad. It's simple to make anything bold - just highlight the word, sentence or paragraph and press ctrl+B (or press the B button on the toolbar. It's also easy to change colors the same way using the color button on the toolbar.
WordPad isn't bad, especially if ou are used to using it. But if you can step up to Word or some other full feature processor, you could do columns too, which really saves space on longer lyrics.
Good luck.
Cass