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$('.splitWord').children().andSelf().contents().each(function() {
    if (this.nodeType == 3) {
        $(this).replaceWith($(this).text().replace(/(\w)/g, "<span class='char'>$&</span>"));
    }
});

$('.splitWord').each(function() {
    $('span.char', this).each(function(i) {
        i = i+1;            
        $(this).addClass('char' + i);
    });
});

body {
  padding:50px;   
}

.splitWord span{display:inline-block;}
.splitWord .char1  {color:red;}
.splitWord .char2  {color:green;}
.splitWord .char3  {color:blue;}
.splitWord .char4  {color:yellow;}
.splitWord .char5  {color:orange;}
.splitWord .char6  {color:yellowgreen; padding-left:5px;}
.splitWord .char7  {color:cyan; padding-left:5px;}
.splitWord .char8  {color:gold; padding-left:5px;}
.splitWord .char9  {color:pink; padding-left:5px;}
.splitWord .char10 {color:magenta; padding-left:5px;}

<h2 class="splitWord">kachibito</h2>

<p>Lorem ipsum dolor sit amet, consectetuer adipiscing elit, sed diam nonummy nibh <span class="splitWord">euismod tincidunt</span> ut laoreet dolore magna aliquam erat volutpat. Ut wisi enim ad minim veniam, quis nostrud exerci tation ullamcorper suscipit lobortis nisl ut aliquip ex ea commodo consequat.</p>