Math Formulas?
 

Is there a way to add Math equations? Like a drop down menu with Math symbols like sigma or square root? And also, is there a way to hide some features like the smilies or color?

Everything is possible with custom modification but out of the box there is no math formula option. You can disable a lot of options from the admin control panel but off hand I don't think smilies is an option, but they could be removed by custom template edits or simply deleting the default smileys. I'm not sure what you mean by "color" but if you mean different font color options those could probably be removed with some custom edits as well.