The Collaborative International Dictionary of English v.0.48:

Multicolor \Mul"ti*col`or\, a. [See Multi-, and Color.]
   Having many, or several, colors.
   [1913 Webster]

WordNet (r) 3.0 (2006):

multi-color
    adj 1: having sections or patches colored differently and
           usually brightly; "a jester dressed in motley"; "the
           painted desert"; "a particolored dress"; "a piebald
           horse"; "pied daisies" [syn: motley, calico,
           multicolor, multi-color, multicolour, multi-
           colour, multicolored, multi-colored,
           multicoloured, multi-coloured, painted,
           particolored, particoloured, piebald, pied,
           varicolored, varicoloured]