I was in the same boat as you. I would avoid using 24 until it's stable. Instead, as DarksairDarksair stated, your load-path is supposed to point to a path (directory), not a file.
Follow these steps:
Download the gz file from the link you listed above
Move the file to your directory
%> mv ~/Downloads/color-theme.el ~/.emacs.d/
Add the path and settings to your emacs resource/profile/settings file
%> emacs ~/.emacs [type] (add-to-list 'load-path "~/.emacs.d/") [type] (require `color-theme) [type] (color-theme-initialize) [type] (color-theme-robin-hood) {save} Ctrl+x Ctrl+s
For a more complete install, download the tarball and copy over the following contents to your .emacs.d/
- color-theme.el
- color-theme-autoloads.el
- themes/