QTextEdit
can handle regular html content, so you could use the following to achieve your desire:
resultbox = QtGui.QTextEdit()
text = 'example'
if condition1:
resultbox.insertText(text) '''Append text to resultbox in default color.'''
elif condition2:
resultbox.insertHtml(QString("<font color=\"red\">%1</font>").arg(text)) '''Append the text in say, red and not the default black. How?'''