To get the .col file into the wheel you must convert it to a .png using this great utility:
http://www2.ambientdesign.com/forums...t=color+picker

Then Tools->Color Options->Select custom color Picker From Disk. If you put the converted .png's in your user folder (Color Picker) you can just click in the current color area of the Picker to bring up a menu then select Custom Color Picker Collection and select the one you want.

~John