The answer is “Yes.” Due to the unique characteristics of LED's, upwards of 16 million different colors can be provided. Simply stated, just about any color required can be designed into LED systems…..typically high-end fixtures for architectural and commercial uses.
For the average person, standard colors such as red, blue, green, amber, etc. LED bulbs can be purchased for that decorative flair one is looking for. Application examples would be for Holiday lighting, landscape lighting, restaurants, lounges or just about anywhere colored light is sought. So, LED's certainly can add vivid color to your lighting schemes.