Set Color for Selected Text

[Sivakatirswami]

Is there an easy way to set custom colors for selected text? the default
menus offer just a few primary colors and "Pen Color"  so how does one
easily go about

a) selecting text
b) using the color picker to choose some other color on screen
c) set the color of the select color to that color?

(Again, this is something that should just be part of the IDE by default...)

Sivakatirswami