Credit goes to the great scripter Gummo on Peercommons for the code, and to me, of course, for the idea :D. What it does is this: Say you type in a sentence or two. For example: There was a cat rampaging through the downtown area. <--lame but whatever.. It would change the colors the letters in the %word you chose as such: There wAs a cat Rampaging through the Downtown area. %word being tard. I dont believe i can change the colors for my post here so I've replaced the color highlighting with uppercase letters. It also doubles as a color script. Look through the code for comments on what to change to meet your needs.
To enable this script use /color on|off.
Though you gave me credit, I don\'t know why you posted a script I made for you. However, this allowed me to recover it after mIRC erased it..
I\'ve updated my version to only use one while loop, as xDaeMoN mentioned, which was planned to be done before the script was erased..
Also note that this script only highlights each letter once and doesn\'t highlight anything unless all letters are present in the correct order.