yes, man xterm, lots of options. -rv like bubba stated will give you reverse video, to specify color you can do something like this:
xterm -bg black -fg white
you get the point. also you can make an .Xdefaults file so that way everytime you use xterm it will have XYZ options on.
mine:
xterm*Background: \#000f0a
xterm*Foreground: \#f5eed1
xterm*Font: lime
you get the idea.