Wondering if this is even possible, but if I have a input containing text, for example lets say the word \'Test\' is in the input. What I would like to be able to do is change
No it's not possible with an tag. You can however trick the user into believing he is using a styled input by replacing it with a contendeditable div or something.
However, I looked into this couple of years ago, and it's a mess if you want a reliable cross browser solution for this. Unless I remembered wrong the html from just showing a bold text in a contenteditable div could easily result in the following across the major browsers:
Bold
Bold
Bold
Bold
Bold
No kiddin.