Try the decode() method and you must initialize the
BufferedImage object before using it.
http://java.sun.com/j2se/1.4.2/docs/api/java/awt/image/BufferedImage.html#BufferedImage(int,%20int,%...
<cfset var bi =
createObject("java","java.awt.image.BufferedImage") />
<cfset var image = bi.init(theImageWidth, theImageHeight,
bi.TYPE_INT_ARGB) />
<cfset var g = image.getGraphics() />
<cfset var color = createObject("java","java.awt.Color")
/>
<cfset g.setColor(Color.decode("##F23ABB")) />