I use this handy macro:
#define UIColorFromRGB(rgbValue) [UIColor \
colorWithRed:((float)((rgbValue & 0xFF0000) >> 16))/255.0 \
green:((float)((rgbValue & 0xFF00) >> 8))/255.0 \
blue:((float)(rgbValue & 0xFF))/255.0 alpha:1.0]
(I might have gotten it from here, but you can find it in many places. In any case it's worth reading the discussion about macros vs inline functions at this link.)
If you want to initialize the color from a string (for example from a plist), you can use this:
unsigned rgbValues;
[[NSScanner scannerWithString:@"0xFF0000"] scanHexInt: &rgbValues];
UIColor* redColor = UIColorFromRGB(rgbValues);