This was taught to me by one of FuriousGfx Past Designers, Some of you guys might know as Tank, or Drugz.
1. Open up What you want Multicolored. I am going to use this:
note: Make sure what your going to make multicolored, is desaturated, if there is a render in the sig, make sure its de-saturated.2. Layer>New Adjustment Layer> Color Balance:
Mess around with the settings until you get something you like, im going to make a Light Blue.
3. Now when your done with the first color balance layer, Click the eye on the color balance layer.

Once you click it, your document should become desaturated again. Dont worry.. this is normal.
4. Now that your sig is desaturated again, go to Layer>New Adjustment Layer>Color Balance.
Mess around with the settings and do something different then your first color. Im going to do a Yellowish/Gold.
5. Now un-click the eye that you clicked in step 3. Once you do that you should get a mixture inbetween both colors you did on your color balance layer.
6. On your top layer which should be your most recent COlor balance, grab the gradient tool and use these settings:

7. With the gradient tool, go from Left To Right while holding Shift.

YOu should now have a multicolored document, which should be Your First color balance layer, and the mixture. This is sometimes good enough. If you want your 2nd chosen color.. continue.
8. Go to your 1st COlor balance layer, which should be on the bottom.
9. Grab the gradient tool with the SAME settings, and this time, go from Right to Left.
Your done! Now add some Text and a border and it should look great! My end result:

Enjoy!