Hi eaddesigns,
If I'm understanding you correctly then what you want is just a basic attribute?

Lets say you want it in a dropdown box:
Goto admin->catalog->option name manager make an attribute called color and select dropdown.

Then goto admin->catalog->option value manager select the color option and make the first option "select color" (or whatever you want it to say).

Repeat this process for the colors you have "red", "blue", "green" etc.

Now goto admin->catalog->attribute controller. Select the product you want to apply the attribute to then scroll down to the editing part and select color from the option names box and the first option "select color" from the option value box, repeat this process for all colours.

Finally you'll see 6 colored boxes next to every option, make sure the option for "select color" has the display only box colored and the default box colored.

Thats it