Editing the Outlook Calendar Labels
Contributed by shamanstears 
September 29, 2006 
Tagged: Microsoft Outlook
The association between a color and a label can be changed to be different from Outlook’s defaults. You can do so by editing the labels.
1. Open your Outlook Calendar
2. Select Edit | Label | Edit Labels to bring up the Edit Calendar Labels dialog box.
3. In the text box of the label you want to change, type an appropriate label
4. Click OK
The color is applied to the new label.