To make letters a particular colour, you need to know the colour code of the colour you want to use. You can find plenty of information on these by doing a search on "RGB Colour Codes". There can be many different codes for a particular colour, and some of the ones I found don't come out as the colour it says they should be, so keep that in mind. Some trial and error will be required. Something else to remember is that the effects will carry over to the text you type in the chat window (It won't appear in the chat panel to left though).

I know ff1 is a nice yellow as is DD0, and 0f0 is a bright green as is 1A1. Also F22 is Red and AAA is grey. So to make Bustin' Loose red, you would type in $F22Bustin' Loose. The "$" to activete the code, F22 for red and then the name. You might notice many people have each letter coloured differently, this is done by inserting the trigger and colour code before the letter you want coloured. You can also make the letters bold, small, italics and shadowed. There may be other tricks you can do also, I'm not sure. Note here that generally people with long names really piss people off if they bold them. The codes for the aforementioned effects are as follows:

$i: italic
$s: shadowed
$w: wide spacing
$n: narrow spacing
$m: normal setting
$g: default color
$t: changes the text to capitals
$z: reset all
$$: to write a "$"
$o - bold font

here is the complete list of colors:
http://republika.pl/cddclan/codesintm.htm

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