So something I worked out how to do this weekend was create a version of Word Art for Construct 2, essentially some text coloured with lots of colours or animations. It uses more processing power, but it's a pretty cool and simple effect and it means your score or timer or UI can be all kinds of crazy.
We start with a bright sprite.
Then we move to Construct 2 and make a new layer. Set that layer to Force Own Texture
Import the rainbow, and add a text box on top of it. Make the text white and add an effect as "Destination In." Make sure the Text Box boundary covers the whole sprite.
Now this works as a mask. So anything on that layer which is white will show up as the colour underneath.
And it can come out like this!
Which looks a lot better animated, but the gif didn't work. Anyway, check out the capx and try any effects you can dream of!