You can get an effect like that by using the text as a mask over a color gradient movieclip that you slide back and forth.
Well, I don't know if it will be to much for you but if you don't mind could you explain that a bit more to me. I honestly don't know how to do that, like make a gradient move.
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Do you know how to do timeline tweening? If so, make a movieclip or graphic symbol out of a gradient and tween it beneath the text mask such that it moves from one end's color to the other.
If you happen to have a newer version of Flash (CS3 or newer), here is a link to file I made some time ago that demonstrates most of what I am describing and far as the method goes. You would need to make changes for what you want, such as configuting controls for rollover/rollout, but the same basic elements would be involved.