No, that is assigned via some crazy hash code. They are aware that by colorizing them, we now what customization, though. 
There are no words for what this community, and the friends I have made here mean to me. Please know that I care for all of you, yes, even you. If you Twitter, I'm MrThan. If you're Unleashed, I'm dumps. I'll try and get registered on the Titan Forums as well. Peace, and thanks for the best nine years anyone could ever ask for.
Basically the name goes through a forumla, turned into a number, and matched up with a color.
Orc&Pie No.53230 There is an orc, and somehow, he got a pie. And you are hungry.
www.repeat-offenders.net
Negaduck: I see you found the crumb. I knew you'd never notice the huge flag.
No... not the bubble above your head, but when you set peoples names to individual colors in chat, is there a way to change the color of your name?> I've noticed certain people that Ive tested this on have the same color name no matter what toon I log in on, so I'm assuming its character based and not colors randomly assigned. Anyone know how to change this?