unable to apply color to text

Hi in blender i have added text object and then i went to properties window and clicked on object tab and dragged down to the bottom and selected the object color picker and selected green. Even after selecting green when i render the scene as image the color is not applied to text. I am using blender 2.66. So is there anything i am missing out?

You need to give your object a material and set the colour of that material. One of the tabs in the properties window is for materials

The object color you set is just for one particular display mode, for convenience while modeling, and has no effect on the rendered image.