This is very easy to do, by download some mini applications, you can do this.
Color ID by Motek Americas Inc.
It's an application which allow you to costumize the LED color when someone from your contact list calling you. Just insert their name, email, or phone number. Per person has two led colours which blinking when they calling you.
BeBuzz by Bellshare GmbH [RECOMMENDED]
All incoming call will turn the LED on to colour what you wish, or even colourful LED colour, it's called "Disco". In this application, you can set phone vibrate when ringing and burst duration.
FlashLight by App Pro Shop [RECOMMENDED]
You can set your Blackberry smartphone to be a flashlight with custom lamp and LED colour. It's also interesting, because your Blackberry looks cool and beautiful in the darkness with colourful lamp and LED colour. It might help you to find something in the darkness.
How do you get them? It just like the other applications, you need to activate the subscribe of Blackberry and Blackberry App World installed in your handheld.