I don't know why people want to change LOL to Laughing Out Loud. It's extremely -LAME- and very much frowned upon. (I've even seen people banned for doing so.)

As for the changing your name color, I personally use this scriptlet. (Put in your Remotes [Alt+R]
Code:
RAW 366:*: sline 5 $2 $1
You can change 5 to any color code you want. You can also change it from sline to cline if you don't want your nick Selected too. Nice thing about sline is that it scrolls the nicklist to your name so it's always in view (as long as you stay selected).

- Raccoon

Well. At least I won lunch.
Good philosophy, see good in bad, I like!