[JAVASCRIPT] Texto que va Cambiado de Colores

<SCRIPT language=JavaScript1.2>
<!-- Begin
function initArray() {
this.length = initArray.arguments.length;
for (var i = 0; i < this.length; i++) {
this[i] = initArray.arguments[i];
}
}

var ctext = "AQUI EL TEXTO";
var speed = 1000;
var x = 0;
var color = new initArray(
"red",
"blue",
"green",
"orange"
);
if(navigator.appName == "Netscape") {
document.write('<layer id="c"><center>'+ctext+'</center></layer><br>');
}
if (navigator.appVersion.indexOf("MSIE") != -1){
document.write('<div id="c"><center>'+ctext+'</center></div>');
}
function chcolor(){
if(navigator.appName == "Netscape") {
document.c.document.write('<center><font color="'+color[x]); document.c.document.write('">'+ctext+'</font></center>');
document.c.document.close();
}
else if (navigator.appVersion.indexOf("MSIE") != -1){
document.all.c.style.color = color[x];
}
(x <color.length-1) ? x++ : x=0; } setInterval("chcolor()",1000); // End -->
</SCRIPT>
</CENTER></CENTER></BASEFONT>