To get similar functionality in Outlook 2010, to customise the colours for incoming email, select View from the menu, then View Settings from the ribbon bar as shown in the image below.

On the Change View panel titled “Advanced View Settings”, head into Conditional Formatting. If you get into a muddle with your view you can always use the Reset Current View button to put things back.

 

On the Conditional Formatting tab choose the rule to apply (such as apply the colour formatting to Unread messages only), then click on the Font button.

Also, to customise the rule, for example to colour a specific email address, select Add on the Conditional Formatting tool, give the new rule a name then click on Condition. From here you can choose who the email is from, or specify a subject rule or look for specific words or phrases.

From the Conditional Formatting tab, click the Font button to set the font colour and other details. The font selection is the standard text font selection dialog allowing you to choose a particular typeface, style, size, colour, and effects (strikeout, underline).