Currently Being ModeratedAug 14, 2011 12:42 AM (in response to Noodle-head)
File>New Calendar to create a new calendar (Groups are for grouping calendars and I should ignore them). When you've created the calendar, control-click on it in the sidebar and choose 'Get Info' There you can select a colour. You can have as many calendars as you like. When you create a new event you can select the calendar it belongs to, and hence the colour it has.