Create Or Delete New Shader At Runtime

Is there an easy way to Create or Delete a new Shader file at runtime. If I have a file Called

SimpleShade.shader

I want to dynamically manage copies of that shader “OneSimpleShade.shader”, “TwoSimpleShade.shader”, “ThreeSimpleShade.shader”. Does Anyone Know of an Easy way to do this…

It is possible to have temporary materials:
http://unity3d.com/support/documentation/ScriptReference/Material.Material.html

Thanks Big Bug I will investigate this link.