ofcourse you can... but you are limited to TWO! max currently..
requested more a few times over on vb.com in suggestions,.
but aparently im the only one..
anyway heres an exsample..
Attachment 116651
HTML Code:
[test=red]this is red[/test]
replacement :
HTML Code:
<font style="color:{option};">{param}</font>
Produces :
this is red
EDIT : Remember to check "use option" to yes.