Many times you want to color only part of a cells contents to identify some criteria or just to bring attention to something without changing the entire cells color. One way to do this programmatically is to use the Characters collection and pass the arguments of the starting and ending range. Then its just applying the color to that range and viola! Multiple colors in a single cell/range.

Excel 2000-2007 and VB.NET 2003/2005 Code Example:
vb Code:
Option Explicit On
Option Strict On
'Add a reference to MS Excel xx.0 Object Library (COM)
Imports Microsoft.Office.Interop
Public Class Form1
Private Sub Button1_Click(ByVal sender As System.Object, ByVal e As System.EventArgs) Handles Button1.Click
Dim oApp As Excel.Application = DirectCast(CreateObject("Excel.Application"), Excel.Application)
Dim oWB As Excel.Workbook = DirectCast(oApp.Workbooks.Add(), Excel.Workbook)
Dim oSht As Excel.Worksheet = DirectCast(oWB.Sheets("Sheet1"), Excel.Worksheet)
Dim oRange As Excel.Range = DirectCast(oSht.Cells(1, 1), Excel.Range)
oApp.Visible = True
'Add some text
oRange.FormulaR1C1 = "Red Green Blue"
'Make sure the entire cell color is black to start (just for fun lol)
oRange.Characters(Start:=1, Length:=0).Font.ColorIndex = Excel.Constants.xlAutomatic
'Apply the color to the first word
oRange.Characters(Start:=1, Length:=3).Font.Color = System.Drawing.ColorTranslator.ToOle(Color.Red)
'Apply the color to the second word
oRange.Characters(Start:=5, Length:=5).Font.Color = System.Drawing.ColorTranslator.ToOle(Color.Green)
'Apply the color to the third word
oRange.Characters(Start:=11, Length:=4).Font.Color = System.Drawing.ColorTranslator.ToOle(Color.Blue)
oRange.Columns.AutoFit()
oRange = Nothing
oSht = Nothing
'Optionally save and close the workbook (uncomment next line)
'oWB.Close(SaveChanges:=True, Filename:="C:\Users\VB-Guru\Documents\Book1.xls",RouteWorkbook:=False
oWB = Nothing
'Optionally quit Excel (uncomment next line)
'oApp.Quit()
oApp = Nothing
End Sub
End Class