procedure TForm1.FormCreate(Sender: TObject);
begin
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;