It's based on World of Warcraft's loot ranking system. Orange>Purple>Blue>Green>White. There is one weapon color that is better than all of these and that's Pearl, which is extremely rare. Obviously a higher level white will be better than a low level orange.
Usually the color tells you how good the gun is, White is crap. green is average, blue is kinda good, purples good. bright orange is good, dark orange is the best... Basically how it goes.
If he is talking about the actual name font then i am not entirely sure, i think purple ones are 'specials' such as the bone shredder and sledges shotgun...
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