Yes, this board does support the hexadecimal colors. I had to use a lot of them for my fading siggy. ^_^

Just make sure to put the pound sign (#) in front of the code, you probably already know it, but some people do forget it. This board doesn't recognize every single color by it's actual name though, (mostly the unusual colors, like manganeseblue, broadwaypink, etc...) so you may have to use the hex codes exclusively for certain colors.