customize toolbar button

customize toolbar button

Dear All,

I am working on a project where I need following functionality. please share your ideas:
I want to create a customize toolbar popup which consist of buttons for B (Bold), I(Italic) and U(Underline) etc. I have asp.net listbox (dropdown) on same page. The functionality which is required is that when user select any value from listbox and click on toolbar button B the selected value become bold, similarly for I and U etc.

Is it possible with jquery? How to implement. Thanks in advance.