Blink
Multi-colored blinking text. The included source is good learning tool for beginning programmers.

JitterText
Wiggling multi-colored text, with adjustable background color, text color, size, and speed. Source included.

jsTextAnimation_Nami
An attractive text and image animator, with background effects.

RainbowText
A simple, but nice effect: let your text cycle through all the colors in the spectrum. Source included.

SkyLogo
This is a slick effect which combines a moving background image with color-changing text! And source code is included!

TextFX
This cool applet will animate a text by turning it into a gradient and then cycling it through the color spectrum.

Zmei Multi Color Text
Add some color to your message with this animated effect that cycles each letter through a rainbow of colors!