If you have made over 500 posts you can change the title under your posts (custom status) to what you want in Edit Profile...
Before you had to enter HTML codes to get text effects like colours but this has been changed so that in future you will need to use BB codes (like the codes that come up in posts when you use bold, colours, italics etc.)
e.g
My text
My text
My text
(Images won't work)
All the old custom statuses have been converted to BB codes.
There is more info about BB codes here -
http://www.thisisbigbrother.com/foru...hp?page=misc#1