Is it possible to add padding to a text area?
Example:
http://dl.dropbox.com/u/728257/Untitled-3.jpg

I currently have the text area going from the gray on the left to the vertical gray line divider. Currently the text runs right up next to the borders, I don't want that. I want to have ~5 px buffer between the gray and the text. Is it possible to do that without resizing the text area so that it is 5 px smaller in all directions?

Also is it possible to vertically align text , so that the text would be vertically centered in the text box?

uhh not really but its fairly easy to resize and center it