Two-photon excitation has recently been demonstrated to be a practical means of exciting nuclear magnetic resonance (NMR) signals by radio-frequency (rf) irradiation at half the normal resonance frequency. In this work, two-photon excitation is treated with average Hamiltonian theory and shown to be a consequence of higher order terms in the Magnus expansion. It is shown that the excitation condition may be satisfied not only with rf at half resonance, but also with two independent rf fields, where the two frequencies sum to or differ by the resonance frequency. The technique is demonstrated by observation of proton NMR signals at 400 MHz while simultaneously exciting at 30 and 370 MHz. Advantages of this so-called two-color excitation, such as a dramatic increase in nutation rate over half-frequency excitation, along with a variety potential applications are discussed. (C) 2004 American Institute of Physics.