Peter,
No you can't set colors for rows in a list box. H9wever, you can use a grid instead. Set the properties of teh grid so it "looks like" a list box. In a grid you can use dynamicforecolor to set the colors for individual rows of the grid.
Also you don't need to know the record for the grid or the list box, as they both move the record pointer in their respective rowsource or recordsource when the row in the grid or list is changed. You only need to refer to the source for them to see which is the current record.