It wouldn't be difficult to make if I wasn't concerned about creating a security hole. BBCode isn't currently parsed in the title and html is stripped from the title. Changing those two things would solve your problem.
But, I would rather do it so that it continues to do those two things and ONLY processes the color tag. I am at work right now and can't really play with this.
If nobody has helped you by tomorrow, I'll look into it because I wouldn't mind having this feature as well.
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