Although this is a seemingly simple question - accessing query string values in javascript is not directly straightforward. See this question for many answers of how to access them: How can I get query string values in JavaScript?
For the next part, I'm going to work based on the assumption that you're using PHP and have the following added somewhere to give easy access to the query strings. You can change this according to whatever method you prefer to gain access to query paramater values.
<script>window.$_GET = <?php echo json_encode($_GET); ?>;</script>
Next part of this question is how to create the css rules from those query paramaters. There's another Stack Overflow question answering this as well: How to dynamically create CSS class in JavaScript and apply?
Using the method from the accepted answer there here's your code - untested so there may be some minor typos.
var css = 'textarea {';
if ('font' in $_GET) css += 'font-family:'+$_GET.font+';';
if ('size' in $_GET) css += 'font-size:'+$_GET.size+';';
if ('color' in $_GET) css += 'color:'+$_GET.color+';';
css += '}';
var style = document.createElement('style');
style.type = 'text/css';
style.innerHTML = css;
document.getElementsByTagName('head')[0].appendChild(style);
Also, note your URL is malformed. It should be
http://www.domain.com/?color=#000&size=32px&fontfamily=serif
not
http://www.domain.com/?color=#000?size=32px?fontfamily=serif