I have TextBlock that has Inlines dynamicly added to it (basically bunch of Run objects that are either italic or bold).
In my application I have search function.
This question is similar to How to display search results in a WPF items control with highlighted query terms
In answer to that question, I came up with an approach that uses an IValueConverter. The converter takes a text snippet, formats it into valid XAML markup, and uses a XamlReader to instantiate the markup into framework objects.
The full explanation is rather long, so I've posted it to my blog: Highlighting Query Terms in a WPF TextBlock