The standard windows command prompt does not support colored output, and I am not aware of any way to change the properties of the prompt itself. Basic ANSI color escape characters can be made to work in the standard Windows command prompt by using ANSIcon, but I do not think the prompt itself can be changed.
You can easily change the prompt in powershell, however, by simply overriding the "prompt" function. A simple example:
#Replace default powershell prompt
Write-Host ("<" + $(pwd) + ">") -nonewline -foregroundcolor Blue
return ' '
Produces a prompt consisting of the current directory in blue, like so:
Naturally you can add any other logic you would like to the prompt function.