3ds Max is a truecolor program. When you pick a color in 3ds Max, you are specifying 24 bits of color data, which provide a range of over 16 million colors.
Object wireframe colors are used primarily as an organizational tool. Object naming strategies, named selection sets, and object wireframe color strategies provide a rich set of tools for organizing even the most complex scenes.
You can use two dialogs to specify colors:
The Layers functionality lets you organize your scene and can also be used for assigning object colors. For more information, see Layer Explorer.