Hello and welcome to the Ranch! Please read
CarefullyChooseOneForum since this would be a topic for Swing forum.
Now, let's get to the point of the topic.
You should have your map as field inside your frame class. The code you have in your main method where you read colors.txt should be put as separate method, also inside your class (say,
readColors(), or whatever name you come up with). Inside that method you would read your file as you did inside main, and put read values in your map. Afterwards, you can populate combo box with keys from your map, without initializing combo box with
String array:
Now you can avoid all those if/else if you have in your
ButtonListener:
Note just that if you want to have an empty string as one item in your combobox, you should map it to a default color (say white), otherwise you will get NullPointerException when user selects it, with the approach given above. Also, if you are using JDK 7 you can avoid multiple if/else-if since you can use a String as an expression in switch statement. You don't need it in this example, but keep that in mind in your future work.
At the end, I must notice that you don't really follow convention for naming variables.