The text will be wrapped in tags, and displayed in a monospaced font.

split(String separator);// it will return an array of Strings
//in your case you will do somthing like this
myWords = paragraph.split(" ");// the separator is the space

myNewParagraph.append(HTML.fromHtml("<font color...>... Your HTML Code to colorate your Text"));

Spannable spannableText = getSpannableText(yourTextView);
spannableText.setSpan(new TextAppearanceSpan(...), wordStart, wordEnd)
yourTextView.setText(spannableText);

private Spannable getSpannableText(TextView tv) {
  CharSequence cs = tv.getText();
  if (cs instanceof Spannable) {
    return (Spannable)cs;
  } else {
    return SpannableString.valueOf(cs);
  }
}