I know that you can change the cursors to different pictures and symbols, but can you also change the color of them if it's just an arrow? I was just wondering if anyone knew!

No, I don't think so.

You can make your own though using IconArt and saving it as .cur or .ani.

Animation Shop also gives you the ability to save it as .ani.

How do I get IconArt?

You can download it from here:
http://www.lissaexplains.com/fun9.shtml