Today I made the mistake of downloading a program called "Blink - Flash LED Your Way". I would highly recommend to not download this program. Especially if you own a Droid X. I don't know about the OG Droid or other Droid variations, but I know for sure that not only does this program not work on the X but it will mess up your LED status light.
I downloaded it and messed around with all the options. Not only did I not see different colors, I saw none at all. So I uninstalled it and rebooted my phone. The normal battery green light came back, but after a while it also disappeared again. When it's gone you can barely see a faint color of the one that I selected. So I guess on some field it works but works horribly. So just a heads up to anyone that stumbles across this program or is thinking about getting it. Stay away!!