Автор: http://www.swissdelphicenter.ch

procedure TForm1.FormCreate(Sender: TObject);
 begin
   //Or set this property in the object inspector 
  //Oder im Objekt Inspektor einstellen 
  ListBox1.Style := lbOwnerDrawFixed;
 end;

 procedure TForm1.ListBox1DrawItem(Control: TWinControl; Index: Integer;
   Rect: TRect; State: TOwnerDrawState);
 begin
   with Control as TListBox do
   begin
     Canvas.FillRect(Rect);
     Canvas.Font.Color := TColor(Items.Objects[Index]);
     Canvas.TextOut(Rect.Left + 2, Rect.Top, Items[Index]);
   end;
 end;

 procedure TForm1.Button1Click(Sender: TObject);
 begin
   ListBox1.Items.AddObject('Red Item', Pointer(clRed));
 end;

 procedure TForm1.Button2Click(Sender: TObject);
 begin
   ListBox1.Items.AddObject('Green Item', Pointer(clGreen));
 end;