I'm wondering if there's a (simple, inbuilt) way to render text where each
letter is outlined in a differnt colour.

If you don't know what I mean here is some
http://www.geometricgames.com/images/exampleText.png.

The Regular text is the font render in a solid colour. The funky text is a
font rendered in yellow but with a green outline around it. Is there a way to
format text programmatically like that or will I have to render my alphabet to
a bitmap and build up strings with bitmaps if I want that effect.