As long as the colours don't include Taupe, Beige, Buff, Ecru, Tan, Wheat, or Vanilla. :-)
Alice, Azure, Baby, France, Bondi, Brandeis, Cambridge, Carolina, Cell, Cerulean, Cobalt, Columbia, Cornflower(1), Cyan, Deep Sky(2), Denim, Dodger, Duke, Egyptian, Electric, Eton, Federal, Glaucous(3), Han, Iceberg, Indigo(4), Klein, Iris, Majorelle, Maya, Midnight, Navy, Palatinate, Periwinkle, Persian, Phthalo(5), Powder, Prussian, Royal, Sapphire, Sky(6), Steel, Teal, Tiffany, True, Tufts, Turquoise(7), UCLA(8), Ultramarine, Yale
(0) I wouldn't use them in this order.
(1) This could be the name for the original release (retrospective branding!)
(2) Love this -- sounds like Deep Blue, and has high ambition quotient.
(3) Perhaps not.
(4) This is taken :-)
(5) My favourite for the second one -- just to get them guessing.
(6) This is taken, too :-D
(7) Is this a blue?
(8) Nice and confusing!
It would also be nice to start with a few that weren't obviously (blue) colours, like Baby, Cambridge, Carolina, Columbia, Duke, Egyptian(?), Eton, Royal, ... until the penny dropped.
Finally, we could choose the name consistent with our aspirations for the release (my original reason for wanting branding was that we could use it to promote and identify the release).
For example, True for a particularly stable and (anticipatedly) long-lived release.
Royal, if it were intended to establish a precedent and thereby claim ruling legitimacy (in standards terms I mean -- these things are intentionally vague).
Cambridge, for an impractical but theoretically adventurous release.
You get the idea.
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 List of Colors(sic): http://en.wikipedia.org/wiki/List_of_colors