There are four ways of doing this that I can think of. Each with different pros and cons.
1) The "Simple Mask" shader does exactly what you're asking for, but as Pixelthief noted it's GPU-expensive, and requires HWA.
I use the shader-method myself. Partly because I'm lazy, but also because you can have the colour fade back to the regular colours if you want. If you use HWA and you are only using this effect for a few objects it really is the simplest solution.
2) You can change one specific colour on your active object in the event-editor. If you create an even where you specify all the different exact colours in your active object and change them to a different colour that would do the trick. But this is only viable if you have a very small colour pallette on your active object, and even then it is time-intensive.
3) You can create a single animation where the object flashes in your selected colour. This would only work well if your objects animation is static or nearly static, though. If your object is animated through events this would be the way to go.
4) You can create a different complete animation for every animation the object has, identical in every way sans colour. Then you could specify the animation and frame in the event editor. Example:
---------------------------------------------------------------
"Bullet" overlaps "Hero"
+ Animation (dancing) is playing
= Set alterable value A("Hero") to Current animation frame("Hero"), Change Animation of Hero to (Dancing red), Change animation Frame (Hero) to alterable value A("Hero")
---------------------------------------------------------------
Doubling the amount of animations would of course increase the size of your game though, and I really have no idea how expensive this would be in terms of GPU.