Actually, the word colour is quite simply "the British word for color". It should also be noted that this is the original spelling of the word, and was only changed just recently in the past century by Americans. Saying that color is the correct spelling, is like saying trousers is correctly spelled p a n t s.

- Raccoon

PS. You should note there are many other similar language variations, especially with words you'd expect to end in 'ize' that end with 'ise' instead. These are no more incorrect... perhaps unamerican.