You can just use raw html tags like
foo <font color='red'>bar</font> foo
Remember that this will not overshoot the notebook envelope in latex.
As there are some complaints about the rejection of the proposed solution. They are completely true, and Scott already answered this question later, i.e. CSS based. However, this answer shows some general approach to using html tags inside IPython to erase the contents of the markdown cell compared to the available clean markdown capabilities.
Jakob Nov 02 '13 at 21:05 2013-11-02 21:05
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