I use the ColorTranslator class all the time. It comes in really handy with web UI development. I'm always having to match a hexidecimal color (usually courtesy of PhotoShop or ImageReady) and the basic System.Drawing.Color class won't cut it. Color.AliceBlue and Color.Salmon are fine for demos and playing around, but the real world requires precise color matching!
The syntax for using the ColorTranslator is like this:
pnlMyPanel.BackColor = ColorTranslator.FromHtml( "#CBCB48" ); //c#
ColorTranslator has more methods, so you can convert a windows constant color using FromOle() like this:
me.BackColor = ColorTranslator.FromOle( CType( &HC3B333&, Integer ) ) 'vb.Net -- note the integer conversion!
Happy .Netting!