Motorola Droid X : Can I Highlight Text / Bring Up Magnifying Glass?

First and foremost I want to be able to use the magnifying glass to relocate my cursor whenever I'm mid-text and realize that I've made a mistake while typing. Sure, I can just take a stab at the screen and hope I get it in the right place with one touch, but sometimes that doesn't work. For example: at the edge of the text box, next to the "send" button (landscape mode). I don't really like having to poke at the small space between the last word in my message and the send button after I've gone back to correct a letter or two. I've missed and hit "send" before. That's no good.

On rare occasions I can get the magnifying glass to come up, but it's usually a game of chance for me. If I hold my finger down on the screen to bring it up, a menu pops up. How can I bring up the magnifying glass a la iPod Touch for sifting through my messages?

After that, how do I highlight text for copying and pasting purposes?