This page lets you create and edit labels - combinations of colors and font styles that you can apply to files and folders. Any file or folder can be assigned a label, and you can use wildcards or filters to automatically label based on filename (so, for example, you could automatically label all your .doc files).
Note tha the selected text and background colors defined by a label won't be used if items are displayed using visual styles, unless Visual styles override file selection colors is turned off on the Color Blending page.