You are possibly being inhibited by the fact you are running in a VT100/WhateverItsCalled compatible terminal and it just doesn't have more than about 16 foreground and 16 background colours. If it did, the lovely library "CaCa" ( ColourAsciiColourArt ) would be much more pleasing to watch than it is.
If you want more colours, you simply have to use more modern technology, and this generally means using X ( unless your loving pain and want to use directfb/framebuffer/svgalib ).
For vim, there is GVim ( GTK+Vim ). Emacs GUI version however displeases me much, but I'm not an emacs user.