Simply point the camera at an object and it gives you the basic color name, along with RGB, HSV, CMYK, and HTML coded.
You can also snap the picture to view in static mode. Touch anywhere on a static picture to get a color name. In this mode, there are over 1600 color names. You can also zoom in and out, scroll around, and adjust brightness, saturation, and color balance.
The app costs $0.99 and is available in the Android Market now for phones running version 1.6 (Donut) or higher.