Color Mask? Or Setting Color of a PNG Bitmap?

I made a movie clip of a sequence of outer glow effects in PhotoShop to give the effect of a pulsating halo. I made the clip seperate from the beveled graphic it surounds so I could mask it. I want to have it pulsating between colors as it expands and contracts. I made the halo white, not anticipating that there would be any great difficulty in masking or changing its color.

So my question is, how do you make a color mask? I can only seem to get alpha masks, it completely ignores the color of the masks I make and lets through all colors, no matter the color of the mask.

Or alternately, is there a why to alter the color of all the pixels in a PNG bitmap, so that the varying transparancy/alpha of different pixels is preserved but the color is uniformly changed?