I am not sure if its going to work on clan tags and classes names, becouse when u type the code for color , text become colored but after apply color will be removed. But for sure u can use it for chat etc. Here is the color code
Different Colors:
^0 = Black
^1 = Red/Orange
^2 = Lime Green
^3 = Yellow
^4 = Navy Blue
^5 = Light Blue
^6 = Purple
^7 = White/Default
^8 = Gray
^9 = Gray/Map Default