A word preceeded by a colon ":" indicates a flag/label/marker (people call them different things, I think Microsoft calls them labels) This works with the "goto" and "call" commands, and allows you to chunk your script.
goto :blue
CODE1
:blue
CODE2
exit
When you get to 'goto :blue' it will skip down to the line ":blue" and then continue. This will skip whatever CODE1 is.
call :Green
CODE1
exit
:Green
CODE2
goto :eof
In this case when you got to 'call :Green' it would skip down to the line ":Green" and continue until it runs into "goto :eof" and then goes back, so you would exicute CODE2 before CODE1. You can also use 'Call :Green' as many times as you wish in your code. It works much like a function in c++ would, but can start without being called (it will walk right past a flag, so be careful where you place them.)