Palette swapping textures

Hi,

I'm messing about with 2D at the moment and want to use something similar to CLUT tables on the PSX. An example in the old Megaman nes megaman games when Megaman switched weapon his colours changed to reflect that. I'm assuming they used some kind of palette swap in order to do that. Is it possible to do the same thing with unity or would I physically have to created sprites for every possible colour shade my main character could be.

Sorry if this doesn't make any sense I'm quite tired. Cheers

Draw some of the "sprite" in grayscale and colorize your mesh somehow. I think this is a good method:

http://www.unifycommunity.com/wiki/index.php?title=Masked_Tint