Hi Netti, Kempie. I discovered a couple of months ago that that trick doesn't work any more. Although it shows as intended in preview mode, it just shows as an underscored red link in the post itself (but of course it doesnt link to anywhere) though the cursor remains as the text cursor.
They got rid of the colour stuff because of the wider adoption of Firefox and the fact the ActiveX control they were using didn't work in IE7... I'm surprised they haven't added a cross browser solution for this yet, it's not that hard. And if they asked nicely, I could show them how ;o).