The Color TV is a television owned by the Murphy's. The purchase of it sets in motion various plots throught the first season.
The Murphy's have owned two color TV's. The first was a Sonabishi, which Sue and Frank used Kevin's college fund to buy from Sawitzski and Son's. Bill accidentally destroyed this TV with a magnet. Frank tries to get a refund, but is refused.
Once Bill destroys every Sonabishi in the store with the same magnet, the batch is deemed defective and the Murphy's are given a new Patton House TV in exchange.
In season 2, Frank sells this TV in order to buy Sue her locket back.