Yes, but sometimes people forget the codes. So, I suggest this way:
" [ color=colorname ](text)[ /color ] " (No spaces)
Now let's use...red color and say "Hello"
It will look like:
Hello
Both ways can be used
Of course it has, also with 300+ players (English servers).
When you open MTA, click "Recent" (in the top of the page) and choose which server you want to play.