When it comes to color in Office of Mac 2011 there's no shortage of variety. You can apply color to about anything including text, tables, shapes, lines, and more.
First, select what you want to apply it to. Then click the small arrow next to any Color button, and make your choice. Choose from the Standard Colors or from a spectrum of Theme Colors based on the currently applied theme.
Or click More Colors, click the magnifying glass icon, and use the color picker to select a color from anything on your screen.
It works the same for object borders and fills.
To see the color picker in action, check the video below: