VSColorOutput is a Visual Studio 2010/2011 extension that adds color highlighting to Visual Studio's Build and Debug Output Windows. Errors are in Red, Warnings in Yellow, build headers are Green.
Custom match patterns can be added. Colors can be modified.
Developed in C# and NUnit.
Colors can be edited from the Fonts and Colors dialog under the Text Editor category. Look for items starting with "VSColorOutput".
An option page is is used to add custom match expressions.