The Colors Lab feature (included in PowerPointLabs) allows you to apply colors to text and shapes on any of your slides. To do so, first select the element to change by clicking on it within the slide.
The Colors Lab can change the color of text, as well as the border outline color and background fill color of shapes. This can be done by clicking and dragging from the appropriate button to the color you wish to use.
It can be used to pick colors from images in the slide, and even from outside PowerPoint. This is handy for copying a color from other websites.
Another cool thing about the Colors Lab is that it can help you pick good color combinations. If you change the main color of the Colors Lab (by dragging the color box on top), Colors lab tells you what are the other colors that can go with that color.
Download the free PowerPointLabs add-in from http://PowerPointLabs.info