I would like to know if it's possible to morph colors (materials and even textures) in Blender 2.62. I've tried (beginner!) shape keys and have done very rudimentary shape morphing animation, but have not figured out how to change colors. Is it possible? From what I've seen of Blender, I'd bet that it is, and I just don't know how.

Right-click over just about any material or texture property value (e.g.a colour, texture parameter etc) and you will see a menu popup that includes, among other things, an option to “Insert Keyframe”. (Or, over a colour-valued quantity, I think you want “Insert Keyframes” rather than “Insert Single Keyframe”.) Choose a time, set a value, insert a keyframe. Choose another time, set another value, insert another keyframe. Now scrub between those two times, and watch the property value interpolate between the values.

Thanks for the information. I have not seen that anywhere about right-clicking on a material. Can I also morph textures in some way? What about morphing between two different materials on one object? I don't want to seem stupid, but I have searched and searched and watched all the video tutorials I could find, including blender cookies, but I haven't seen anything about this kind of morphing.....only shape keys which I can use (a little!).
Thanks again!

I don’t think you can animate material assignments, but you can animate just about any property of the material.