You need to create two layers, one with the text in each color you want.
Then delete the parts of the top layer of text letting the bottom layer show through.
1.) Click so you are at the top of the layer pallet.
2.) Click the text tool
Type the text
Move the text where you want
Click the check mark when done
3.) Duplicate the layer, select the new layer in the layer pallet.
4.) Change the color of the text in the top layer.
5.) Select the lasso tool, draw around the text you don't want.
6.) Rasterize top text layer.
7.) Hit the delete key on your keyboard, and deselect the text.
Last edited by Allen; 10-15-07 at 03:18 PM.