If you happen to youse Thunderbird as your email client (which you possibly don't as you have Win Live') you can get a free addon 'ReminderFox' which does exactly what you are looking for.
Markdown lets you add more formatting to your post. Simply type in your post and it will display as written.
If you wish to add bold or italic characters, add a hyperlink to another website, a heading or a horizontal line, simply use the relevent icons above the text input field.
A preview of your post will appear in the grey box below. If you make a change and you're not happy, simply press the back arrow icon to undo.
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