After you have created your color list in the module parameters you can go ahead and assign any color to any text element. Simply fill in the class and the extension will add the necessary CSS.

The same goes for the hover color add this class also(or only) to the element and the necessary CSS is added by the extension.

For example:

The colors below have been inserted into the extension. Now any element that has the class: tx-# or txh-# (where # is a color code) will now have text in the selected color and when hovered the color is also the one as selected.