private var colorsR = new Array(255, 0, 0, 255, 255, 0);
private var colorsG = new Array(0, 255, 0, 255, 0, 255);
private var colorsB = new Array(0, 0, 255, 0, 255, 255);
private var index = 0;

/* Wrote this before I found the Color.Lerp function
function Interpolate(start, endIndex, percent){
	var percentDec = percent / 100.0;
	var startR : float = start.r;
	var startG : float = start.g;
	var startB : float = start.b;
	var endR : float = colorsR[endIndex];
	var endG : float = colorsG[endIndex];
	var endB : float = colorsB[endIndex];
	
	Debug.Log("percent Dec: " + percentDec);
	
	
	var rVal = Mathf.Round(startR * (1.0-percentDec) + endR * percentDec);
	var gVal = Mathf.Round(startG * (1.0-percentDec) + endG * percentDec);
	var bVal = Mathf.Round(startB * (1.0-percentDec) + endB * percentDec);


	return Color(rVal,gVal,bVal);
	
}
*/

private var iterations = 100;
private var currentIter = 0;

function Update () {
	
	var next = index+1;
	//reset current to 0 if end of array is reached
	if (next >= colorsR.length) next = 0;
	
	//var newColor = Interpolate(renderer.material.color, index, percentage);
	var oldColor = Color(colorsR[index]/255.0, colorsG[index]/255.0, colorsB[index]/255.0);
	var newColor = oldColor;
	currentIter++;
	//iterates 100 times before moving onto the next color
	if (currentIter >= iterations){
		newColor = Color(colorsR[next]/255.0, colorsG[next]/255.0, colorsB[next]/255.0);
		index = next;
		currentIter = 0;
	}
	
	renderer.material.color = Color.Lerp(renderer.material.color, newColor, Time.deltaTime);
	
}