Change Selected Text's Fore/background Color?

I am trying to implement a color picker in my application, so, as, whenever a user selects a certain text, he'll click on a link and a color picker pop will appear, i am able to get the selected text, able to pick the color, bt, not getting a way to apply this color to foreground or background.

e.g, suppose the color i get is: #cc000;

the selected text is:

var text=document.getElementById('text');
var seltext = text.document.getSelection()="My Name is Jon";

Now, i want to know a way to apply this color to "My Name is Jon".