This could be done via how the browsers do it, say ^k#ff8d8t then mIRC could internally interpret the colorcode from that to display the text in that color within other mIRC clients.
Other clients would just simply show #ff8d8t as apposed to the actual color, so it would not break other IRC Clients, unless they standardized the colorcode format across their irc clients.
Well thats my 2 cents anyway.
