<SCRIPT language="JavaScript" type="text/javascript">  

var ie4 = false;  
if(document.all) {  
ie4 = true;  
}  
function setContent(name, value) {  
var d;  
if (ie4) {  
d = document.all[name];  
} else {  
d = document.getElementById(name);  
}  
d.innerHTML = value;  
}  

function getContent(name) {  
var d;  
if (ie4) {  
d = document.all[name];  
} else {  
d = document.getElementById(name);  
}  
return d.innerHTML;  
}  

function setColor(name, value) {  
var d;  
if (ie4) {  
d = document.all[name];  
} else {  
d = document.getElementById(name);  
}  
d.style.color = value;  
}  

function getColor(name) {  
var d;  
if (ie4) {  
d = document.all[name];  
} else {  
d = document.getElementById(name);  
}  
return d.style.color;  
}  

function animate(name, col) {  
var value = getContent(name);  
if (value.indexOf('<span') >= 0) { return; }  
var length = 0;  
var str = '';  
var ch;  
var token = '';  
var htmltag = false;  
for (i = 0; i < value.length; i++) {  
ch = value.substring(i, i+1);  
if (i < value.length - 1) { nextch = value.substring(i+1, i+2); } else { nextch = ' '; }  
token += ch;  
if (ch == '<' && '/aAbBpPhHiIoOuUlLtT'.indexOf(nextch) >= 0) { htmltag = true; }  
if (ch == '>' && htmltag) { htmltag = false; }  
if (!htmltag && ch.charCodeAt(0) > 30 && ch != ' ' && ch != '\n') {  
str += '<span id="' + name + '_' + length + '">' + token + '</span>';  
token = '';  
length++;  
}  
}  
setContent(name, str);  
command = 'animateloop(\'' + name + '\', ' + length + ', 0, 1, \'' + col + '\')';  
setTimeout(command , 100);  
}  

function animateloop(name, length, ind, delta, col) {  
var next = ind + delta;  
if (next >= length) { delta = delta * -1; next = ind + delta; }  
if (next < 0) { delta = delta * -1; next = ind + delta; }  
setColor(name + '_' + ind, getColor(name + '_' + next));  
setColor(name + '_' + next, col);  
command = 'animateloop(\'' + name + '\', ' + length + ', ' + next + ', ' + delta + ', \'' + col + '\')';  
setTimeout(command , 100);  
}  
</SCRIPT>  

<SPAN ID="animate"><B>Text you want to animate</B></SPAN>  
<SCRIPT language="JavaScript">  
animate('animate', '#ff8000');  
</SCRIPT>