That would not be that difficult. The easiest way to go about this is to use a JEditorPane object.
http://java.sun.com/javase/6/docs/ap...ditorPane.html
It supports HTML 3.1. If you know HTML, you can use the HTML tags to style the text you want in your display. It doesn't support CSS so using the old HTML way to color thing would be appropriate in this case.
You are just coloring text, not trying to make a valid HTML document.
Good luck!