Hi wyatt880. I think you got a faulty cable. The component cable I use with my
Wii works just fine, but I had exactly the same color problem with a faulty NVidia cable that I first used with my HTCP. NVidia replaced the cable and the problem was solved.
Have you tested the Wii and the cable on another TV?
Again, I say that I had the same problem with a VGA component out cable, not the Wii cable, so you should test with other TV's before trying to replace the cable.