We show that the simultaneous application of a copropagating saturating pump and a counterpropagating coherent beam can be used to burn a narrow spectral hole within the absorption line of the optical transition in a Doppler-broadened medium. The large index of refraction of this hole slows down a light pulse by a factor of about 104. In addition, we propose a method to create two-color slow light pulses with simultaneous gain by employing a bichromatic field to saturate the medium