Sorry for the late response: I don't police the forums as often as I'd like. If you need to work with "Red" instead of with the "#ff0000", then consider NOT using the option to store separate options/values.
If you do, however, need to read "Red", then use the get_custom_field_meta() function: http://code.google.com/p/wordpress-custom-content-type-manager/wiki/get_custom_field_meta
You'll want to use print_r() on the output to help you identify where the data is that you want, e.g. in your theme file:
<?php
$metadata = get_custom_field_meta('my_dropdown');
print_r($metadata);
?>