[AUCTeX] font specifier with an argument/textcolor?

[Peter Horst]

Is it possible to customize a font specifier that would facilitate the 
insertion of either:

\textcolor{Red}{*}

or

\textcolor{$COLOR}{*} where $COLOR is an argument to be entered by the user?

I tried entering '{\color{Red}' and '}' into the TeX-font-list in the 
AUCTeX customization buffer, under the ^A rubric that AUCTeX offered 
when I hit "INS", but it didn't work (i.e. if I hit CRTL-C CTRL-F CTRL-A 
after saving that option, nothing happens).  Do I maybe need to escape 
the brackets in {Red} somehow? 

Thanks very much!