My bash is white and black and I would like it to look much more colorful, how do I do that?
Terminal -> Preferences -> Settings
Select a color scheme and click
In the settings mentioned in earlier answers you can only change the main background and foreground colors, but if you want to for instance change the prompt, you have to set the PS1 env variable.
There are many examples that can be found with some googling, I use this (username in blue, path in green) for my black background:
Add that piece of code to a file called
Edit: More info here, Works in OS X even though they write about Linux.