urm.. write in black on a thick paper that when scan it doesn't see through.

then in Photoshop, play with the Levels so that you get an absolute positive/negative or black and white color from the scanning.

then use the wand (set to Antialias) and copy paste to a new document.

then because each word is already transparent, just seperate them via layers and you can control its colors individually.

that's how i'd do it.