You can, either by running them after each other or by simply removing "Javascript:" from the second code, then appending the commands to the first code.
Also, to change the color of the selected text, you can use the execCommand function:
Running that should change all selected text to red, change #FF0000 to the RGB Hex of the color you want.
.execCommand can also do a lot more, such as changing the background color and justifying text.
Also, as a shortcut for Boldening, Italicizing and Underlining text, you can use CTRL+B, CTRL+I and CTRL+U, respectively (use the option key on the mac).
This is a nice piece of JavaScript LOL I found this somewhere else to on some blog. Guess where I used it? on Google LMAO I know it doesn't save it but it's stil rather funny to see Google.co.uk messed up
This is so cool I totally forgot about this. Another fun one is the thread Destroy The Discussion Zone.. Thats the one where its like a cannon and you shoot at stuff and make items disappear.. Its pretty fun.