of Patr100's warning about choosing obscure fonts. A web browser will only display fonts that are installed on the computer, so if your site is typed in 10pt SlantyArty and my computer doesn't have that font installed I'll see your site in Times New Roman.
If you want to have a fancy page heading the best way to do it is to create it in your imaging editing program, using whatever font you like, and save it as a gif - then we'll all see it as you intended. You can do this with blocks of text if you like - save them as gifs - but it isn't a very good idea. Each time you want to change a few words on the site you'll have to go through the performance of creating new gifs.
By far the best idea is to use one of the 'web-safe' fonts which are likely to be viewable in any browser.
If you stick to one of the following you should be OK:-
And of course - Times New Roman.
Of these, my personal favourite is Verdana - it's easily readable and looks very 'webby'.
As far as colours go, I tend to shy away from Red on a white ground - it's a little harsh and unsubtle. Try a maroon if you like red, and navy looks good if you want a formal mood, or dark green.
Black is best for body text on white, although you'll need to think about some images to add colour to the pages.