FolderMagic 

FolderMagic is a shareware application that makes it possible to add lively colors and icons to our otherwise dull directory tree and desktop. This program is very easy to use and suitable for novice and advanced users alike.

There are two options to customize our files, folders, programs, etc. The first option lets us change the color by selecting one from the color palette provided, and apply it to a selected item. We can paint folders to look like a rainbow, all red, black and white, color by categories, or any other color combination (the limit is our imagination). The second option allows us to change the standard Windows icons. We can pick much cooler/modern icons from any of the collections provided (Standard Windows Icons, Bubbles, Flat, My Icons, Vista, and XP Folders). We are allowed to change colors and icons as many times as we like. In addition, it is also possible to add our own colors/icons. We have 15 days to evaluate this program free of charge; if we like it, we can purchase it from the program's interface itself. FolderMagic 2.0 is now Windows Vista compatible.