We already have Markdown and Textile text formatters, so I thought we should have BBCode too. BBCode is a good text formatter to use when you'll be outputting untrusted user-supplied input. I think it's also a little simpler and more widely understood than Markdown and Textile, since it is used by many forums (including the ProcessWire forum, before we switched to IP.Board). More about the BBCode format can be found here:
http://en.wikipedia.org/wiki/BBCodeThis module uses the
NBBC Library to handle BBCode parsing. I selected this one because it seems to be really well documented and also includes it's own set of smileys, for those that like that sort of thing.

To install, clone it from the
TextformatterBBCode GitHub page or
download the ZIP file.