This plugin will easily allow you to do color transitions for text, background and borders for different events.
The API
trigger: the event that will fire color transition, uses the same events as bind in jQuery
property: can be 'background', 'borderColor' or 'color'
start: the starting color ie '336699'
end: the ending color ie '6699CC'
steps: the number of times to divide the color difference
duration: the transition speed
$.fn.jFade.defaults = {
trigger: "load",
property: 'background',
start: 'FFFFFF',
end: '000000',
steps: 5,
duration: 30
};