I assume the text color script is not installed in this forum, am I correct?

No, you aren't
How do you think, I colored the text?

Just give it a try - of course you have to remove the blank after the first bracket (I had to add it, because otherwise the BB-code would have been translated into HTML).
Look at lines 282-289 of 'functions.inc.php' (v2 beta 10) and the documention of Cristian Seiler's BB-Code class.

In the text editor, I only see the following choices,

• bold....

Which script are you referring to?