Tutorial on how to actually change it.

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Find your FalloutPrefs.ini (located in "*yourdrive*:\Documents and Settings\*yourname*\My Documents\My Games\Fallout3").

Find these two, right at the bottom:
uPipboyColor=
uHUDColor=

Then Enter the selected code, For Example


uPipboyColor=FF00000
uHUDColor=FF00000