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Color text will only work on brick messages, not chat, but in order for it to work, say you want black text,you type in:<color:000000> This is the color black, it is that easy.
http://www.w3schools.com/tags/ref_colornames.aspThere you go. :D
For fonts <font:FontName:FontSize> Replace FontName with a name of a font like system for example. Replace FontSize with a number wich will be the size of the font. I don't think colors or fonts don't work in chat, only other stuff.
So for the fonts, are we talking fonts say from, Microsoft word?and thank you GLaDOS :3 cookie fur yew
What about the other 16 million?
eh,lets just convey info on decorating text like shadow,<shadow:distance back:distance downwards> cookie for those who use.