okay, i'll bite into this. NO, and depends on the material. I will use the term LIGHT very loosely...
First, you have to remember how light works, and why certain materials are certain colors. Visible light has a spectrum, wherein various wavelengths appear as different colors. That is to say, color light is differentiated by there wavelengths. When an object is hit with WHITE light, light of a bunch of jumbled wavelengths, the color that is reflected is the color that is NOT absorbed by the material. This is what happens when light is REFLECTED from the object. What happens if excited electrons jump energy states and release photons is related, in that the wavelength of the emitted photon dictates the color being emitted, assuming COLOR is a correct description of that wavelength (it can fall in the UV range for all we know).
Now, typically, a substance would not change color, since the color it reflects is inherent in its molecular structure. What makes it change color is when a the light that is hitting causes a chemical change in its structure. This can be because the energy being absorbed by the material breaks some bonds and\or causes new ones to form.
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Contrary to what CTHo said, no this is not how CDRs work. CDs work by reflecting and directing a laser beam TO or AWAY from the detector. CDRs work by modifying the substrate such that the laser is allowed to be reflected toward or away from the detector. This is not a modification of COLOR, its a modification of its reflectivity\refraction index.