So like...

[K0,1]Hello [K8,1]freak[P], how are you today?

Would produce a line that is white on black, with the name(word) freak being yellow on black?
(I used [P] as meaning [P]revious color assignment, in place of [K0,1])

If so, it sounds like a kewl idea, but what about the javas, other irc clients, etc, that don't recognize the concept?