I think the best thing for a 2D game would be to add a particle effect to simulate a glowing aura. http://unity3d.com/support/documentation/Manual/Particle%20Systems.html
If you were to use 3D (doesn't seem like it) you could outline your targeted model with this shader: http://www.unifycommunity.com/wiki/index.php?title=Outlined_Diffuse_3 (thanks to AnomylousUnderdog).
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