I want to create a System.Drawing.Color from a value like #FF00FF or FF00FF without needing to write code for that. There is any .NET
Use the ColorConverter class:
var converter = System.ComponentModel.TypeDescriptor.GetConverter( typeof( Color ) );
color = converter.ConvertFromString( "#FF00FF" );
This can also convert from the standard named colors e.g. ConvertFromString( "Blue" )
See here for a discussion of the standard .NET type conversion mechanisms.