Sometimes you’re marking up printed documents and you need to use print formatting, solely for replicating print formatting and not to impart any meaning. The underline tag is <u>, the italics tag is <i>, and the bold tag is <b>. There’s also a <strike> tag for striking a line through text. Normally, though, you’ll use the meaningful tags: if you want to emphasize text, use <em> or <strong>. If you want to mark text as having been rescinded or deleted, use <del>.
Note that the <strike> tag and the <u> tag are only available in HTML. In XHTML, you’ll underline and strike out text using style sheets if you need to avoid the meaningful tags.