Instructions
Select "Multiplayer" from the main menu.
Select "Select Profile." Use the D-pad to highlight the profile name you want to modify.
Press "2" to modify the name.
Choose "Shift." Then select "^," followed by a number one through nine.
Select "1" for red, "2" for green, "3" for yellow, "4" for dark blue, "5" for light blue, "6" for pink, "7" for white, "8" for random and "9" for gray. After selecting a number, it will disappear from the text box. Type your name and you will see that the color has changed. Select "OK" to save the change.