The colors which you add make your command prompt very unique.

To know what you can do with color command, simply enter:
<color /?>

Enter color which you want then follow the font color for background from the option. You can see the following old fashion greened on black look as an example.

You can make different combinations easily like the following black background with red text
<Color 04>

It is important to note that you cannot set the font and the background to the same color as it will make the command unreadable. And if you want to get back the default setting follow the instruction below
<Color>
Now we are on the default setting with plain old black and white

PERSONNALIZE COMMAND PROMPT WINDOW WITHOUT COMMANDS
If you want to change color without entering commands just click on the command prompt icon which you can at the top left corner of the window and then select properties there.

On clicking the properties you can see different tabs , from where you can choose the color which you want for the screen text and background. It is interesting to know that if you want then you can also enter you own RGB color combination

You can see the following example for entering the RGB values to get a purple background color like Ubunto 10.04

On going back to properties dialog you can also change your command prompt font from the font tab. The font which you choose will be one of the following three listed below:

Customizations which you make from the properties dialog are saved and you can use at any time you open command prompt. But any customizations with the color command are only for that session.