The usual way to assign color box functionality on a link is like this:
$(\"a.colorbox\").colorbox({ transition: \"elastic\" });
Newly added
This post is old but this may help others: simonthetwit solution is ok, but you'll need to click the trigger link twice. Colorbox can be called directly, so this should work:
$( '.colorbox' ).live('click',function(e){
e.preventDefault();
$.colorbox({open:true});
//inline example
//$.colorbox({inline:true, width:"50%", href:"#inline_content"});
});
Cheers!