Possible, since it could work like the skis.
I'm pretty sure the color can be the paint color, since projectile colors can be specified in the script. However, you're right about the brick in your hand; I wasn't referring to that.
Making it place itself wherever it is thrown would be even cooler :)
Sadly Peejster's brick is the wrong size.http://dl.dropbox.com/u/37758255/1x1.png
or you know, setNodeColor
The paint can changes color.... so I thought it'd be possible for an item to change color as well. :I Unless I'm missing something, I know nothing of coding.