Index: src/wp-includes/js/tinymce/plugins/wptextpattern/plugin.js
===================================================================
--- src/wp-includes/js/tinymce/plugins/wptextpattern/plugin.js	(revision 36611)
+++ src/wp-includes/js/tinymce/plugins/wptextpattern/plugin.js	(working copy)
@@ -12,20 +12,43 @@
  */
 ( function( tinymce, setTimeout ) {
 	tinymce.PluginManager.add( 'wptextpattern', function( editor ) {
-		var VK = tinymce.util.VK,
-			spacePatterns = [
-				{ regExp: /^[*-]\s/, cmd: 'InsertUnorderedList' },
-				{ regExp: /^1[.)]\s/, cmd: 'InsertOrderedList' }
-			],
-			enterPatterns = [
-				{ start: '##', format: 'h2' },
-				{ start: '###', format: 'h3' },
-				{ start: '####', format: 'h4' },
-				{ start: '#####', format: 'h5' },
-				{ start: '######', format: 'h6' },
-				{ start: '>', format: 'blockquote' }
-			],
-			canUndo, refNode, refPattern;
+		var VK = tinymce.util.VK;
+
+		var spacePatterns = [
+			{ regExp: /^[*-]\s/, cmd: 'InsertUnorderedList' },
+			{ regExp: /^1[.)]\s/, cmd: 'InsertOrderedList' }
+		];
+
+		var enterPatterns = [
+			{ start: '##', format: 'h2' },
+			{ start: '###', format: 'h3' },
+			{ start: '####', format: 'h4' },
+			{ start: '#####', format: 'h5' },
+			{ start: '######', format: 'h6' },
+			{ start: '>', format: 'blockquote' }
+		];
+
+		var inlinePatterns = [
+			{ start: '*', end: '*', format: 'italic' },
+			{ start: '**', end: '**', format: 'bold' },
+			{ start: '_', end: '_', format: 'italic' },
+			{ start: '__', end: '__', format: 'bold' },
+			{ start: '`', end: '`', format: 'code' }
+		];
+
+		var canUndo;
+		var refNode;
+		var refPattern;
+		var chars = [];
+		var bookmark;
+
+		tinymce.each( inlinePatterns, function( pattern ) {
+			tinymce.each( ( pattern.start + pattern.end ).split( '' ), function( c ) {
+				if ( tinymce.inArray( chars, c ) === -1 ) {
+					chars.push( c );
+				}
+			} );
+		} );
 
 		editor.on( 'selectionchange', function() {
 			canUndo = null;
@@ -48,9 +71,87 @@
 				space();
 			} else if ( event.keyCode === VK.ENTER && ! VK.modifierPressed( event ) ) {
 				enter();
+			} else if ( event.keyCode > 47 || ( event.keyCode >= 91 && event.keyCode <= 93 ) /* Ignore special keys. */ ) {
+				inline();
 			}
 		} );
 
+		function inline() {
+			var rng = editor.selection.getRng();
+			var node = rng.startContainer;
+			var offset = rng.startOffset;
+			var startOffset;
+			var endOffset;
+			var pattern;
+			var format;
+
+			if ( node.nodeType !== 3 || ! node.data.length || ! offset ) {
+				return;
+			}
+
+			if ( tinymce.inArray( chars, node.data.charAt( offset - 1 ) ) === -1 ) {
+				return;
+			}
+
+			function findStart( node ) {
+				var i = inlinePatterns.length;
+				var offset;
+
+				while ( i-- ) {
+					pattern = inlinePatterns[ i ];
+					offset = node.data.indexOf( pattern.end );
+
+					if ( offset !== -1 ) {
+						return offset;
+					}
+				}
+			}
+
+			startOffset = findStart( node );
+			endOffset = node.data.lastIndexOf( pattern.end );
+
+			if ( startOffset === endOffset || endOffset === -1 ) {
+				return;
+			}
+
+			if ( endOffset - startOffset <= pattern.start.length ) {
+				return;
+			}
+
+			if ( node.data.slice( startOffset + pattern.start.length, endOffset ).indexOf( pattern.start.slice( 0, 1 ) ) !== -1 ) {
+				return;
+			}
+
+			format = editor.formatter.get( pattern.format );
+
+			if ( format && format[0].inline ) {
+				editor.undoManager.add();
+
+				editor.undoManager.transact( function() {
+					var hair;
+
+					bookmark = editor.selection.getBookmark();
+
+					node.appendData( '\u200A' );
+
+					node = node.splitText( startOffset );
+					hair = node.splitText( offset - startOffset );
+
+					node.deleteData( 0, pattern.start.length );
+					node.deleteData( node.data.length - pattern.end.length, pattern.end.length );
+
+					editor.formatter.apply( pattern.format, {}, node );
+
+					hair.remove();
+				} );
+
+				// We need to wait for native events to be triggered.
+				setTimeout( function() {
+					canUndo = 'space';
+				} );
+			}
+		}
+
 		function firstTextNode( node ) {
 			var parent = editor.dom.getParent( node, 'p' ),
 				child;
@@ -157,11 +258,7 @@
 		}
 
 		function ltrim( text ) {
-			if ( text ) {
-				return text.replace( /^\s+/, '' );
-			}
-
-			return '';
+			return text ? text.replace( /^\s+/, '' ) : '';
 		}
 
 		function enter() {
Index: tests/qunit/wp-includes/js/tinymce/plugins/wptextpattern/plugin.js
===================================================================
--- tests/qunit/wp-includes/js/tinymce/plugins/wptextpattern/plugin.js	(revision 36611)
+++ tests/qunit/wp-includes/js/tinymce/plugins/wptextpattern/plugin.js	(working copy)
@@ -14,7 +14,8 @@
 				'0': 48, '1': 49, '2': 50, '3': 51, '4': 52, '5': 53, '6': 54, '7': 55, '8': 56, '9': 57,'a': 65, 'b': 66, 'c': 67,
 				'd': 68, 'e': 69, 'f': 70, 'g': 71, 'h': 72, 'i': 73, 'j': 74, 'k': 75, 'l': 76, 'm': 77, 'n': 78, 'o': 79, 'p': 80, 'q': 81,
 				'r': 82, 's': 83, 't': 84, 'u': 85,	'v': 86, 'w': 87, 'x': 88, 'y': 89, ' ': 32, ',': 188, '-': 189, '.': 190, '/': 191, '\\': 220,
-				'[': 219, ']': 221, '\'': 222, ';': 186, '=': 187, ')': 41
+				'[': 219, ']': 221, '\'': 222, ';': 186, '=': 187, ')': 41,
+				'*': 48 // Anything will do.
 			};
 
 			return lookup[String.fromCharCode(charCode)];
@@ -277,4 +278,39 @@
 			assert.equal( editor.getContent(), '<p>###&nbsp;</p>\n<p>&nbsp;</p>' );
 		}, assert.async() );
 	} );
+
+	QUnit.test( 'Inline: single.', function( assert ) {
+		type( '*test*', function() {
+			assert.equal( editor.getContent(), '<p><em>test</em></p>' );
+			assert.equal( editor.selection.getRng().startOffset, 1 );
+			assert.notEqual( editor.getContent( { format: 'raw' } ).indexOf( 'em><span' ), -1 );
+		}, assert.async() );
+	} );
+
+	QUnit.test( 'Inline: double.', function( assert ) {
+		type( '**test**', function() {
+			assert.equal( editor.getContent(), '<p><strong>test</strong></p>' );
+			assert.equal( editor.selection.getRng().startOffset, 1 );
+			assert.notEqual( editor.getContent( { format: 'raw' } ).indexOf( 'strong><span' ), -1 );
+		}, assert.async() );
+	} );
+
+	QUnit.test( 'Inline: after typing.', function( assert ) {
+		editor.setContent( '<p>test test test</p>' );
+		editor.selection.setCursorLocation( editor.$( 'p' )[0].firstChild, 5 );
+
+		type( '**', function() {
+			editor.selection.setCursorLocation( editor.$( 'p' )[0].firstChild, 11 );
+		}, '**', function() {
+			assert.equal( editor.getContent(), '<p>test <strong>test</strong> test</p>' );
+			assert.equal( editor.selection.getRng().startOffset, 1 );
+			assert.notEqual( editor.getContent( { format: 'raw' } ).indexOf( 'strong><span' ), -1 );
+		}, assert.async() );
+	} );
+
+	QUnit.test( 'Inline: no change.', function( assert ) {
+		type( '******', function() {
+			assert.equal( editor.getContent(), '<p>******</p>' );
+		}, assert.async() );
+	} );
 } )( window.jQuery, window.QUnit, window.tinymce, window.setTimeout );