text editing for users

[ncjbhd]

for my site when people set up accounts I would like for them to have the option to edit their "profiles". I would like something that doesnt have an overwhelming abundance of options but just enough. But what im talking about is kind of like what you would see when you edit the text in your Myspace account, or yahoo/yahoo360 account. Im sure I would just be using "textarea" just not sure how to impliment the whole thing or if there is a redily available script. What is this type of feature called and how would I do this?

Thank you all for the help