Yes this is possible using observers.
In your modules config.xml set up the observer like so;
and then create your observer to manipulate the name
public function createName($observer)
// get the product from the observer
$product = $observer->getEvent()->getProduct();
// the original name
$name = $product->getName();
// manipulate the name
$name = "Woop Woop $name";
// reset the name on the product
In your observer method you can get whatever data you are about to save against the product. That includes the attributes you have entered like colour etc. You can build your name up from those and set it against the product again.
If you are manipulating the name you may also want to change things like the url key that is created for you based on the name in the same way.