http://us3.php.net/manual/en/function.htmlspecialchars-decode.php This is the answer to your problems.
I am not sure how you should store the HTML tags. Obviously you can't store them in their original form, and it is bloated to use them with special entities. I recommend instead linking to a file that can be accessed that holds the HTML in it.
OK, you can store them as such, but you should use http://us3.php.net/manual/en/function.addslashes.php this function, too.
I don't think it's efficient to store a large block of HTML in the field; I guess it depends on the size.