Color c# cambiar de color (orientado a objetos)

Estos son los elementos que necesitaremos para elaborar la siguiente práctica; 

Código del programa;

using System;

using System.Collections.Generic;

using System.ComponentModel;

using System.Data;

using System.Drawing;

using System.Linq;

using System.Text;

using System.Windows.Forms;

namespace WindowsFormsApplication1

{

    public partial class Form1 : Form

    {

        int f = 0;

        public Form1()

        {

            InitializeComponent();

        }

        private void Form1_Load(object sender, EventArgs e)

        {

            string[] colors = Enum.GetNames(typeof(KnownColor));

            foreach (string s in colors)

            {

                listBox1.Items.Add(s);

            }

            timer1.Enabled = true;

            timer1.Start();

        }

        private void listBox1_SelectedIndexChanged(object sender, EventArgs e)

        {

            label1.ForeColor = Color.FromName(listBox1.SelectedItem.ToString());

        }

        private void timer1_Tick(object sender, EventArgs e)

        {

            f++;

            if (f % 2 == 0)

                label2.ForeColor = Color.Red;

            else

                label2.ForeColor = Color.Blue;

        }

    }

}