Lyric discussion by Acoustic_PreMed 

Cover art for Time lyrics by Hootie & the Blowfish

"Children killing in the street, dying for the color of red... hey there, Red and Blue..."

This could be about gang-war amongst youths. Red and blue are the colors for the Bloods and Crips, respectively; something of an anthem against senseless street violence, perhaps.

I've seen it somewhere else, "dying for the color of a rag"