Nope, no go, it says...
Load: class colorpicker not found
I run a lot of servers, and I'm a Senior Systems Engineer by trade. I have found that there are some applets that don't like IIS, but not many.
I tried changing that line to;
code="/colorpicker.class" and also to code="/noncgi/color/colorpicker.class" hoping that the path was the issue but no luck. I'll keep playing around with it and if I find the resolution I'll post it here.