We need a lightweight solution for a RichTextArea.
We need functionality to change text to Bold, Italic, Underline, H1, H2, H3, H4, create bullet points, insert hyper link and insert photos.

Other features required are:
Should not use frames.
Should not use OnLoad in html body.
Should never use or inline styling.
If JavaScript is disabled in the browser, it should just show text area.

Custom features required:
Should have upload at the end of textarea where we can upload photos, this will generate a list of uploaded photos. This list appears when user clicks on Photo icon in the textarea, the user selects a photo and it gets inserted in the text.

Optional (bonus will be payed for these):
Can be used with RequiredFieldValidator in asp.net to check if text was inserted.
Develop using JQuery.

Examples are:
http://code.google.com/p/jwysiwyg/
http://meta.stackoverflow.com/questions/39068/is-this-advert-style-ok

Note: Source code will be our ownership.