\documentclass[handout]{beamer}
\usepackage[utf8x]{inputenc}
\usepackage{default}
\begin{document}
\begin{frame}
Some black text.
\medskip
\color<beamer:2>{red}{Some red text, but I don't want it to be red in handout mode.}\color{black}
\medskip
More black text.
\end{frame}
\end{document}