Create a picklist with colors instead of values.

Need to create a picklist that allows choosing from a list of colors but not values. Is this possible? Using Conditional Formatting is not an option since the values in the cells that need to be painted have different values.

In the attached file you can see example of what I was refering to. I can't post the original one since the data is confidential. In the current picklist there are value options to pick from. I want to chenge that to be only colors refering to the pcklist values. I do not what te value in the cells with the picklist to change.