Very-Very Simple LetteringJS

HTML

<h2 class="splitWord">Lorem Ipsum</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>

CSS

body {
  padding:50px;   
}

.splitWord .char1  {color:red;}
.splitWord .char2  {color:green;}
.splitWord .char3  {color:blue;}
.splitWord .char4  {color:yellow;}
.splitWord .char5  {color:orange;}
.splitWord .char6  {color:yellowgreen;}
.splitWord .char7  {color:cyan;}
.splitWord .char8  {color:gold;}
.splitWord .char9  {color:pink;}
.splitWord .char10 {color:magenta;}

JavaScript

$('.splitWord').children().andSelf().contents().each(function() {
    if (this.nodeType == 3) {
        var txt = $(this).text().split(' ').join('</span> <span class="char">');
        $(this).replaceWith('<span class="char">' + txt + '</span>');
    }
});

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