There are two ways to do this. First, you can use the gradient map. Open up your black and white element. Go to Image->Adjustment->Gradient Map.
This will pull up a window with a gradient bar on it. Click on the gradient.
Which will bring up another window. Click on the arrow on the left side of the gradient, and you will see the option to change the color at the bottom (the little black window). The same will happen if you click on the arrow on the right side of the gradient.
Choose your colors by clicking on the little window. Here I changed the black to purple and the white to yellow. (Note: if you do not want the edge of the word chip to turn another color, keep the white).
Another easy method to recolor (and to add a pattern) to the word chips is to simply clip a paper to it...
and change the blending mode of the paper layer to "lighter color."
Voila! Everything of a lighter color than the paper will show up; i.e. the white words.
You can also change the blending mode to "darker color" for an opposite effect.
Easy peasy, right? I hope you find some use for these methods of recoloring!