for v12 and v14 (I think also v11)
Choose Style... from the Format menu.
In the Style type: list, choose Face Styles.
Click the New button.
Give the style (color) a name and modify all settings in each tab. Use the help for more information.
--Scott
P.S. I create a separate part called Face Styles and leave it with my templates. When a new version of SE comes out, I use the organizer in the Style dialogue box to add the face styles into my new templates. The face styles part is the master repository for all colors that I've ever created.
Please see FAQ731-376 for tips on how to make the best use of Eng-Tips Fora.