These options are all in your ACP > Usergroups > Usergroup Manager > Edit Usergroups
When you click on Edit Usergroup you'll find the options to define colours near the top of the page under Username HTML Markup
Code:
In the first box type <span style="color:blue"><B>
and in the second box type </B></span>
Blue is merely an example, you can use 40 basic colours by typing their name. You can also use html colour codes by using # followed by the six alphanumerics that define the colour. For example, if you wanted a particular group to be crimson & in bold text, you would type
Code:
<span style="color:#DC143C"><B> in the first box, and </B></span> in the second.
Do this for each usergroup you want to define a colour for.
A comprehensive list of html colour codes can be found here: http://www.w3schools.com/HTML/html_colornames.asp
Further help on setting up your usergroup permissions (and just about everything else) can be found in the vBulletin Manual here:
http://www.vbulletin.com/docs/html/