Do you want to simply display a specified color on the layout or do you want to apply color formatting to the actual text? both can be done.
Here's the display only color change:
Say your value list field has the values Red, Green, Blue
Right click the text or text field while in layout mode and select Conditional format.
Add three conditional format expressions:
Table::ValueListField = "Red"
Table::ValueListField = "Green"
Table::ValueListField = "Blue"
For the first expression, select a red text color. Select Green for the second and Blue for the third.
Wow they have everything in here somewhere! Thanks!