string text = "Here is my Floating Text!";

default 
{
    state_entry() 
    {
        llSetTimerEvent(2.0); // every 2 seconds
        llSetText(text, <1,1,1>, 1.0);
    }

    timer() 
    {
        vector newcolor = ;
        llSetText(text, newcolor, 1.0);
    }
}