B737 FLT CREW ENCOUNTERS MODERATE TURB AND LLWS AT RNO AND RETURNS TO DEP ARPT.

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RENO WINDS ALL DAY WERE STRONG WITH RPTED GUSTS APCHING 40 KTS WITH WINDSHEAR. THE CAPT AND I WERE IN AGREEMENT WITH DISPATCH AND THE DUTY OFFICER THAT WE SHOULD WAIT TO LEAVE UNTIL THE CONDITIONS GOT BETTER. AFTER A 2 HR DELAY IT WAS DECIDED THAT THE COMPANY WANTED US TO TRY IT AS THERE HADN'T BEEN BAD RPTS IN A WHILE. IN THE CLBOUT WE GOT AN ACARS FROM DISPATCH OF A PIREP FROM A B737 TAKING OFF FROM RNO RPTING GAINS/LOSSES OF 25 KTS. WE DECIDED WE WOULD NOT TRY AN APCH UNLESS WE GOT BETTER RPTS BY THE TIME WE GOT THERE. ON DSCNT INTO RNO WE WERE TOLD BY APCH THAT SEVERAL ACFT HAD OPERATED SINCE THE PIREP WE RECEIVED AND NONE COMPLAINED. SO WE WENT AHEAD WITH THE APCH. WE GOT INTO MODERATE TURB THROUGH ABOUT 11000 FT FOR THE ENTIRE APCH. WITH THE ACFT FULLY CONFIGURED FLAPS 28 DEGS AND ABOUT REF +20 KTS THE WINDSHEAR COMPUTER GAVE A TAILWIND SHEAR ANNUNCIATION AT ABOUT 700 FT AGL AND THE AIRSPD DROPPED ABOUT 15-20 KTS. THE CAPT IMMEDIATELY EXECUTED A MAX PWR GAR. AFTER ABOUT 10-15 SECONDS; I NOTICED THAT THE THROTTLES WERE TO THE STOPS AND WE HAD RECOVERED FROM THE SHEAR. I IMMEDIATELY STATED TO THE CAPT THAT I WAS GETTING ON THE PWR WITH HIM AND BRINGING IT BACK TO THE CHEVRONS. WE CLEANED UP THE ACFT AND DEPARTED STRAIGHT AHEAD PER TWR INSTRUCTIONS. DURING THE GAR; WE EXPERIENCED HVY MODERATE TURB TO THE POINT WHERE I HAD TO TAKE THE THROTTLES SO THE CAPT COULD USE BOTH HANDS ON THE YOKE. DURING ALL OF THIS; AN ACR JET RPTED 'MODERATE; APCHING SEVERE TURB.' APCH WANTED US TO TURN W FOR TFC DURING OUR GAR; BUT THE CAPT SAID HE DIDN'T THINK THE ACFT COULD HANDLE A TURN YET AND NEITHER OF US WANTED TO TURN THAT DIRECTION INTO THE STANDING LENTICULAR CLOUDS THAT WERE HOVERING OVER THE MOUNTAINS. I TOLD HIM WE COULD ONLY GO STRAIGHT OR TURN SLOWLY TO THE R. EVENTUALLY HE GAVE US A R TURN. WE FINALLY FLEW OUT OF IT AND STARTED A RETURN TO OUR DEP POINT. DURING OUR CLBOUT; WE CONTACTED MAINT TO DETERMINE IF WE NEEDED TO DIVERT BASED ON A MAX PWR GAR. ALL ENG INSTS WERE NORMAL AND MAINT DETERMINED THAT THERE WAS NO REASON TO DIVERT ELSEWHERE. WE AGREED AND CONTINUED. DSCNT; APCH; AND LNDG WERE ALL UNEVENTFUL. ONE FLT ATTENDANT LATER STATED THAT 'IN 22 YRS FLYING HERE; THAT WAS THE WORST TURB I'VE EVER BEEN IN.'