Sounds like a pretty stupid idea, but here you go. My second suggestion:
Basically, you can use different types of dye to color coal to make it red, green, pink, blue, cyan, whatever. When you combine the colored coal with sticks, you can make colored torches. Colored torches are more special as they emit not just yellow, plain, light, but colorful lights that can brighten up your day!
Coloured lights aren't yet supported in Minecraft. To support them Mojang would have to rewrite basically the entire lighting engine to allow for colours, so if this idea were to be added it would be very time-consuming to implement. Anyway, it's a pretty good idea to me, but has almost definitely been said before.
Basically, you can use different types of dye to color coal to make it red, green, pink, blue, cyan, whatever. When you combine the colored coal with sticks, you can make colored torches. Colored torches are more special as they emit not just yellow, plain, light, but colorful lights that can brighten up your day!
http://www.minecraftforum.net/topic/1133916-colored-light-originally-the-colored-glass-topic/