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]
You can change 5
to any color code you want. You can also change it from sline
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).