NO YOU CAN NOT GET BANNED!!!

1) Go to elite.callofduty.com
2) Register or Sign in
3) Go to MW3 playercard
4) Scroll down to your classes
5) Click on the class you want to change the name of
6) At the top of where it says your class name click the pencil icon
7) Change the name to whatever you want and put the following before the text for colors
^1 - Red
^2 - Green
^3 - Yellow
^4 - Blue
^5 - Light Blue
^6 - Pink
^7 - White
^0 - Black
8)Click "Send Changes to Game"
9) Go on multiplayer and wait for the screen to say something like "Do you wish to integrate CoD Elite changes? Press "Yes"
10) Colored Classes, simple