Yup, and those colors are:
1: 26.995 (Brown)
2: 27.045 (Red)
3: 27.095 (Orange)
4: 27.145 (Yellow)
5: 27.195 (Green)
6: 27.255 (Blue)
Now, in Japan, they have channels 7+ up to 19 (I believe).
Also, keep in mind that, unlike terrestrial audio radio (such as the radio in your car), AM and FM are on the same band, just different wavelengths. In other words, they'll still clash with one-another. This does not mean that an AM transmitter can control an FM receiver. This was proven on a slow rainy day when I worked at a local hobby shop.
Also, toy R/C's, such as Tyco, Radioshack, and Nikko use 27mhz and 49mhz. The usage of the bands in those toy models are not quite as narrow as hobby level equipment (with the tradeoff of reduced range). What this means is, if someone is playing around with a Radio Shack toy nearby and they're on 27mhz (and so are you), you'll experience some radio interference (if you are closer than about 100 feet or so). In other words; narrower the frequency, the greater the range (or at least, the cleaner the signal).
There's a lot more technical data out there on radio signals, etc, but thats' just the basics. Unless you're running DSM, it helps to know this kinda stuff, as it helps you trace down potential radio interference.