If you are talking about trying to change the color of a listviewitem then as you probably already know this isn't supported in the compact framework. It going to be a matter of writing your own custom control for this, or if you don't mind spending then there are a lot of third party controls out there that may have what you want. Sorry i can't be much more help than that.
P.s i'm talking in terms of .Net 1.x i don't know what you are using because you haven't set your primary platform. But if it is 2.0 you may be lucky in that they have added this functionality.