If you have the two wire type then put them on a pair of PIC pins and rapidly switch the polarities (gives you yellow). Pin A high and Pin B low will give you green and Pin A low with pin B high will give you red.
If you use the three wire bicolour LED then by turning both LEDs on, you'll get a yellow (well kind of lmao).
Tri-color LEDs are (almost) always red-green-blue since then they can produce nearly any color by combination. Red/green in varying combinations can give you yellow or orange. Like picbits said, a red/green bicolor LED can do yellow or orange by combining the green and red at different levels.
If you mean that it can produce more then two colors. Yes.
But do not call it a tricolor.
With bi and tri color LEDs you can very the intensity of each of the existing colors to produce new colors. Because R G B are the primary light colors they can produce any color of light.