>>Do I need to enclose the span tag with the p tag?
No.
The following format is good enough:
<div id="EditLayer4" contentEditable=false unselectable="ON" align="left"
style="position:absolute; overflow:hidden; display:none; z-index:11; border:1px #ccc dotted; left:40px; top:10px; width:120; height:110;">
<span style="FONT-SIZE: 12pt; FONT-FAMILY: Georgia">Edit this</span>
<span style="FONT-SIZE: 16pt; FONT-FAMILY: Georgia">....content....</span>
</div>
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