var Text = $('h1');
var Box = $('.box');

Text.click(function() {
    Text.animate({'color':'#f00'},600)
        .delay(200).animate({'color':'#ff0'},600)
        .delay(200).animate({'color':'#000'},600);
});

Box.click(function() {
    Box.animate({'background-color':'#f00'},600)
        .delay(200).animate({'background-color':'#ff0'},600)
        .delay(200).animate({'background-color':'#000'},600);
});

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$(function() {
    var textElem = $('h1');
    var box = $('.box');

    //Set up colour array
    colors = ["#000000", "#080000", "#100000", "#180000", "#200000", "#280000", "#300000", "#380000", "#400000", "#480000", "#500000", "#580000", "#600000", "#680000", "#700000", "#780000", "#800000", "#880000", "#900000", "#980000", "#A00000", "#A80000", "#B00000", "#B80000", "#C00000", "#C80000", "#D00000", "#D80000", "#E00000", "#E80000", "#F00000", "#F80000", "#FF0000"];

    //Click event for text color
    textElem.click(function() {
        $.each(colors, function(index, color) {
            setTimeout(function() {
                textElem.css("color", color);
            }, 20 * index);

        });
    });

    //Click event for background color.
    box.click(function() {
        colors = ["#000000", "#080000", "#100000", "#180000", "#200000", "#280000", "#300000", "#380000", "#400000", "#480000", "#500000", "#580000", "#600000", "#680000", "#700000", "#780000", "#800000", "#880000", "#900000", "#980000", "#A00000", "#A80000", "#B00000", "#B80000", "#C00000", "#C80000", "#D00000", "#D80000", "#E00000", "#E80000", "#F00000", "#F80000", "#FF0000"];
        $.each(colors, function(index, color) {
            setTimeout(function() {
                box.css("backgroundColor", color);
            }, 20 * index);

        });
    });

});​