Update an element live & on-the-fly based upon the value of an input field
HTML
<input name="mgBgColor" type="text" id="colorpickerField1" value="0f0f1f" />
JavaScript
$(function() {
var bgColor = $('#colorpickerField1').val();
$('body').css("backgroundColor",'#' + bgColor);
$('#colorpickerField1').keyup(function() {
var bgColor = $('#colorpickerField1').val();
$('body').css("backgroundColor",'#' + bgColor);
});
});