the colors are the colors you'll be reading on the resistor.there's no guarantee you're going to like what you get by removing that resistor, the blinks per minute may go a lot faster than you want since the capacitor is allowed to charge/discharge faster without it.
I guess what I'm saying is, do at your own risk.
in order to "properly" remove that resistor you're probably going to need a soldering iron, and actually KNOW how to solder/desolder. If you just REALLY don't care, dyke it, but you'll have to find a replacement resistor, a soldering iron and learn how to solder in order to get your blinkers to function stock again, or just replace the whole unit with a new one.