Sorry, can I just get some clarification?
Are we talking about changing the colour of the whole list, or of individual entries? For the whole list, the BackColor property should allow you to do what you like, via a macro (I assume) or VB procedure. For individual entries, subclassing might allow you to do it, but I was never really familiar with the area.
None of this really applies, of course, if you must have exactly the type of automatic functionality provided by Excel's conditional formatting. But an event procedure running your code may provide the next best thing.
If you want to be able to set it up from just the control parameters, perhaps you could store values in the Tag property to indicate the functionality to be performed, and invoke a generic routine which works for any listbox.