How do I execute a script on explosion?

I am wondering if it is even possible to make a script inside of a part start when the part explodes. By "explodes," I mean it being affected by the blast radius of the "Explosion" object. For example, when someone shoots a rocket launcher at a brick, a script in the brick is enabled, and the script does something like changing color. I don't think there is a way to do this, but if there is I would like to know what it is.

You're in luck! There is actually an event that does just what you're looking for. The Hit event of an explosion object returns both if a part was hit by an explosion and how far it was moved.

You can find documentation and a really good example on this wiki page found here.