The color code is as follows:
|cwwxxyyzz|r
Example:
|cffabcdefExample|r
Now, the first set of character, |c, tell the game to start showing color.
The second set of characters, ff, tell the game the opacity of the text to be displayed. Value can range from 00 (transparent) to FF (opaque).
The third set of characters, ab, tell the game what the red value of the displayed text should be. Values can range from 00 to FF.
The fourth set of characters, cd, tell the game what the green value of the displayed text should be. Values can range from 00 to FF.
The fifth set of characters, ef, tell the game what the blue value of the displayed text should be. Values can range from 00 to FF.
Any characters after the fifth set are considered to be the text to be displayed.
To stop the colors, add the characters |r
So for the example, it would display the word 'Example' with a light blue color and full opacity.