Style feature in Word 2010 helps in applying various kinds of style over the document content. Furthermore, you can pick out style of any level of heading, colorful grid, medium & dark list, hyperlink and many others.
It is must be noted that styles only changes the layout or color of the text. For instance, if you pick Hyperlink style, Word 2010 wont prompt you to specify the target location, it will just apply the hyperlink style over the selected text.
To quickly apply style over text, select the text and use Ctrl+Shift+S combination on keyboard to bring up Style box. Select the style and click reapply to apply it over the text.
You can also bring this dialog up for reapplying the last used style. To modify the style according to the requirements, click Modify to customize the newly created or existing style.