Color Up Arbitrary Command Ouput

A regular expression based formatter that color up an arbitrary text output stream.
Examples :
   cat colout.py | colout color red bold
   colout /home/[a-z]+ magenta < /etc/passwd
   ls -l | colout .\(r.-\){3} yellow standard
   make 2>&1 | colout [0-9]+ green | colout error
   make 2>&1 | colout [0-9]+ yellow standard | colout error | colout warning magenta | colout \(note\)\|\(#pragma\\s+\) green standard