I'm pretty sure i've saw a tutorial some time ago, where he created a red color for items. I'll search it for you.
It's serverside.
EDIT: Found it, was already on Emudevs:
http://emudevs.com/showthread.php/1268-Custom-Color-Item-Qualities
EDIT2: Meh, this tutorial doesn't work, but there is another method mentioned in the thread.
|cff
ffff00itemname|R
The red text should be the color, green is itemname. Just add it like this into the database. (I'm not sure if the first ff is intended, i can't test it but i used this method before. if it looks weird or doesn't work, just remove the first ff, i copied it like that from the thread)