Found the answer. For anyone that might of be wondering.

Option Explicit
Sub LoadMe()
ComboBox1.AddItem "Green"
ComboBox1.AddItem "Yellow"
ComboBox1.AddItem "Red"
ComboBox1.ListRows = 3
End Sub
Private Sub ComboBox1_GotFocus()
If ComboBox1.ListCount = 0 Then
LoadMe
End If
End Sub
Private Sub ComboBox1_Change()
If ComboBox1.Value = "Green" Then
ComboBox1.BackColor = RGB(34, 139, 34)
ElseIf ComboBox1.Value = "Yellow" Then
ComboBox1.BackColor = RGB(255, 255, 0)
ElseIf ComboBox1.Value = "Red" Then
ComboBox1.BackColor = RGB(255, 0, 0)
Else
ComboBox1.BackColor = RGB(256, 256, 256)
End If
End Sub