G'day,
Here's a variation:-
Once I lived the life of a millionaire (C-E7-A7)
Spending my money, with never a care (Dm-A7-Dm-A7-Dm)
Takin' all my friends out for a mighty good time (F-B7-C-A7)
Drinkin' high-priced liquor, champagne and wine; (D7-G7)
All I did was a global 'replace' in a text editor, replacing all < B > with < font color=red > and < /B > with < /font >. You could start by using special characters before and after the letters and then a global search & replace.
e.g. type *O#nce I lived ....
then replace all * with < font color=red >. etc. etc.
Cheers,
Alan