You type in the ^ and then a number. After that, you just type what you want your name to be. 1 is red, 2 is green, 3 is yellow, 4 is blue, dunno 5 (think it might be like orange?), 6 is purple, 7 is white and I think that may be it.
ex.: ^1Danny^4J^7AllTheWay would have a red Danny, Blue J, and white AllTheWay.