Varying colors within JTextArea

Reading through the Java tutorials, it states that "[i]a given text area can display text in only one font and color.[i]" Is there any way to get around this?

I have a JTextArea that is going to be a chat pane and would like the chat to appear with different color codings and possibly alternating boldface for time, username, and text. For example,

[14:09] Psyclone: Insert message here.

I know other programming languages can pull this off. Can it be done through JTextArea though?

I know of two solutions:

One, to use JTextArea and HTML code to help with the different colors. -- edit: incorrect!

The other is to use JEditorPane or JTextPane.

edit: I'm incorrect about my first suggestion.

Ahh, yes, now I remember. I read that tutorial a while back, but I think I blurred JTextArea and JTextPane together. I think that's exactly what I need.

Thanks again.