It is possible to print multicolored items with your standard 3D printer.

Introducing THE PALETTE – 3D Printing Evolved

 This is a great idea to blow new life into your current 3D printer with the ability to do prints with up to 4 different colors and even 4 different materials. Now all those boring 1 color objects from your current printer with only 1 print head can be given a new spark of life.

The only drawback I see is the price. I would love to get myself one of these but I will have to find an alternative that is a bit cheaper.

Have a look at the developers, Mosaic Manufacturing, website for more detail and to order one if you have the money.
http://www.mosaicmanufacturing.com/