To modify the text color create a new xml file in your res/layout folder (for example my_spinner_text.xml). Add a text view to the new xml file and modify how you want:
<TextView android:id="@+id/spinnerText"
android:layout_width="fill_parent"
android:layout_height="wrap_content"
android:layout_centerHorizontal="true"
android:textColor="#CCCCCC"
android:textSize="20dp"
xmlns:android="http://schemas.android.com/apk/res/android"/>
Create an ArrayAdapter that uses the new TextView and set it to your spinner:
Spinner localSpinner = (Spinner)findViewById(R.id.mySpinner);
ArrayAdapter<CharSequence> adapter = ArrayAdapter.createFromResource(this,
R.array.spinner_array,
R.layout.my_spinner_text);
adapter.setDropDownViewResource(android.R.layout.simple_spinner_dropdown_item);
localSpinner.setAdapter(adapter);