Hahahaha! I haven't heard that one before.
To the OP: I'll try to actually help you with your query. First all, it sounds as if your friend is unfamiliar with dream interpretations or is a huge novice. At one time I used to study my dreams and look for meanings. She should actually be on some sort of dream interpretation forum or something similar. Not here.
Now, my information may be outdated as dream study and interpretation was something I was into many years ago. I got started into it because I was having deja vu dreams, meaning I would have a little snippet of a dream and later on, it would happen. Most of it was completely senseless and useless information. But it still gave me an interest in dreams. That being said....
Most people don't dream in color. So for her to remember colors in her dream may mean something or not...and not necessarily what the color was on. I should also mention that sleep/dream studies have found that the mind 'dreams' several dreams a night. What we feel lasts for hours and is one dream actually only last very few minutes in reality and we more often than not, don't remember any other dream (unless you wake up then go back to sleep). There are things that our minds choose to remember. A lot of people don't remember dreams, while very few have consistent vivid dreams, where they can not only see color, but actually remember every sense in a dream, taste, touch, smell, hear, feel.
Getting back to the animal your friend dreamed about. As I mentioned before, the colors may or may not have anything to do with what her subconscious may be saying. The animal in question probably has more priority in the meaning of her dream, but it also depends on how she felt about it during dream state and also has she feels about them in reality. I doubt the size of the animal matters either unless it's ungodly large or insanely small for it's average size.
For instance, I love snakes! I don't care if it's deadly or not. To me, they're all beautiful creatures that have a bad rep (even the more dangerous ones) that they generally don't deserve because most people don't understand them. I could dream about a very friendly king cobra that would allow me to handle him like a baby and it could mean good things. Then again, I could dream about a corn snake that drew my blood even if I thought of going near him, so that could possibly mean bad things, for instance, someone I call friend (corn snakes are usually seen as friendly) is NOT my friend, and to be wary.
Also, you can't just interpret one dream. Every dream you remember should be written down in a journal form and studied. It's also good to keep a personal journal and cross reference one to the other to get a better meaning. It's a way of showing how your dreams are mirroring things that you're going through, if you're stressed, feel out of place, worried, etc. It may even be possible to get some sort of warning about people or events that are to happen. This is hard to explain though.
Think of your subconscious as your sixth sense. Some people trust their sixth sense and some people either don't trust it, are learning to, or just plain ignorant about it. Your brain picks up all sorts of stuff your consciousness doesn't realize. So your subconsciousness could be using your dream state to make you aware of issues you consciously don't see or aren't aware of.
IIRC, there's no to very little proof of this and dream/sleep studies are constantly going on in order to learn more about our minds. When I was last interested in this, it was mostly theories. I haven't been up to date in dream studies in years.
I do know that when I dream of certain things and circumstances, I'm stressed, worried, happy, indecisive about something, or untrusting in reality.
If your friend truly wants to know more about dream interpretations, she needs to start researching and reading more. One animal, a few colors, and one dream isn't going to tell her much at all.
Yeah, I'm a bit of a nut case lol
And this has been Rogue's Dream Interpretation Theory Class