Shoutbox

I'm not sure if this works for Windows Live Messenger, but if it does, then this is how you'll go about doing it:

Open up any conversation with somebody, type in /nick2, then right after type in the name you want like this:

/nick2 my name is traxor

Then if you want to colour the "says:", then at the end of what you want your name to be, press ctrl+r, then choose a colour. Now you can press enter and the "says:" should be a different colour.