Is the underlying DataSource's type for that column also a color?  If that is the case, you could just access the cell's Value and cast it to a Color.  From there, you can access the R, G, and B properties.  If it is stored as a string (i.e. the ToString of the color), then I don't think that there's a simple way to get that value back into a .NET color unless it is a known color, but you could parse that string for the A, R, G, and B values and create the color yourself.

-Matt