Assigning colors to incoming email?

I recently switched over to Outlook from Outlook Express, and cannot get my incoming mail (from specific accounts) to turn into a specified colour, as I had in Outlook Express. I understand how to change existing email, but when attempting to apply the “Rules Wizard”. I am performing the following steps without success:

1. launch RULES WIZARD and click “Check messages when they arrive”
2. “from people or distribution list”
3. clicking this rule, I then insert email address
4. “perform a custom action” – whereupon, no options are given in this selection box. And I see nothing in regard to colours.

This feature is very handy to me given that I receive a great amount of email. Thank-you for your help everyone.