Custom names and lores in Minecraft 1.7.2?

I have heard it was possible to change the names and lores of Minecraft items WITHOUT the use of third-party programs like MCEdit. Given the things that my friends have told me, and from the information gathered online, my guess is that, since Minecraft has started using JavaScript, /give @p 35 1 14 {name:"Red Wool",lore:"bob"}. Whenever I run this command block, all I get is a piece of Red Wool with no Lore, nor a name. I also get no errors in this process.

You're close. The command for this particular case would be /give @p wool 1 14 {display:{Name:"Red Wool",Lore:[Bob]}}, which results in:

The format for the lore text is in brackets allows you to add new lines by using commas, as well. In this case, the command is /give @p wool 1 14 {display:{Name:"Red Wool",Lore:[Bob, Joe]}}. This results in:

You can also include multiple words or [] in the lore, but you need to use quotes like /give @p wool 1 14 {display:{Name:"Red Wool",Lore:["Multiple Words"]}}. This results in:

This also works with multiple lines. /give @p wool 1 14 {display:{Name:"Red Wool",Lore:["Multiple Words", "Multiple Lines"]}} results in:

If you are using quotes in your custom lore or name, escape it with \ before the quote. An example command that escapes quotes would be /give @p wool 1 14 {display:{Name:"\"This is in Visible Quotes\"",Lore:["\"Lore with Quotes\""]}}. You can see the result of that command below:

For more information on all the new special data tags you can use, check out this post on the Minecraft Forum.