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<UserControl x:Class="SilverlightApplication.MainPage"
    xmlns="http://schemas.microsoft.com/winfx/2006/xaml/presentation"
    xmlns:x="http://schemas.microsoft.com/winfx/2006/xaml"
    xmlns:d="http://schemas.microsoft.com/expression/blend/2008"
    xmlns:mc="http://schemas.openxmlformats.org/markup-compatibility/2006"
    xmlns:local="clr-namespace:SilverlightApplication;assembly=SilverlightApplication"
    mc:Ignorable="d"
    d:DesignHeight="300" d:DesignWidth="400">

    <UserControl.DataContext>
        <local:ViewModel />
    </UserControl.DataContext>

    <UserControl.Resources>
        <Style x:Name="myRedColor" TargetType="TextBlock">
            <Setter Property="Foreground" Value="Red"></Setter>
            <!--<Setter Property="Foreground" Value="{Binding vmColor}"></Setter>-->
        </Style>
    </UserControl.Resources>

    <Grid x:Name="LayoutRoot" Background="White">
        <TextBlock Text="{Binding vmText}" Style="{StaticResource myRedColor}"></TextBlock>
    </Grid>
    
</UserControl>                    

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using System.Windows.Media;

namespace SilverlightApplication
{
    public class ViewModel
    {
        public string vmText { get { return "Lorem Ipsum..."; } }
        //public Color vmColor { get { return Colors.Red; } }
        public Brush vmColor { get { return new SolidColorBrush(Colors.Red); } }
    }
}