I remember this game but i have no idea what it is called.
It was a bullet hell shooter (and a hard one at that, bullets filled up like half the screen) where you controlled a space ship that could change colour. Like if you were red red bullets would do no harm, so kinda like Outland in space. I'm sorry i can not be more specific...i just dont remember.

I would bet strongly on that game being Ikaruga. If you are still unsure, here's some gameplay from the first stage;

Yes, that is the one! Thank you very much!