You can put folder icons as many as you want in Folderico and apply any of the icons to a folder. If you want to change a folder color, you just have to select the colorized folder icon set and pick one colorized icon that you like. These colorized icons has already been put in the program when you download it, but in case you don’t like the icons you can always find other icon sets from the developer’s website.

Folderico for Windows 7 works with Windows 32-bit and 64-bit but you cannot change folder icon or color via the right-click menu in Windows Explorer for the 64-bit edition. Download Folderico for Windows 7 from here to apply different colors to your folders.