In MS Word 2007, there’s a little known shortcut F4 that can repeat the last action performed. This comes in use when you have made a sentence or word italics, bold or underlined it, and want to apply the same formatting to another word or sentence. Hit F4 and the previous effect will be applied again.
Note that if you need to apply both Font and Paragraph formatting; only the Font formatting will be repeated. To copy/paste more detailed formatting, you can use the Format Painter tool to copy and re-apply all formatting to the text.