Press the color palette icon to open the Color Options dialog. Select the O-shape and change the color to orange using the RGB percentages shown.

NOTE: Version 4 lets you pick individual colors for the front and back and for the sides. As the O-shape is so thin this really won't make a difference.

I created a simple background image with two crossing gray lines which I exported as a PGN file. After right-clicking on the screen and selecting Background Texture, I selected my file as you can see here.

What is new in version 4 is you can drag the texture (the background actually)  to any location making it easy to align the cross hairs to the center of the O-shape.

Same for the shadow. Just drag the shadow to any location your heart desires. Is this case I dragged the shadow up and to the left to impart an Art Deco appearance.

TOO GOOD TO BE TRUE? DEPT: The ability to drag the bitmap texture background and accurately position is a swell and noble idea. However when I exported my image as a bitmap, the position of the background bitmap altered considerably. I have brought this to the attention of the powers that be at Xara, but for now the only work around for bitmap creation is to do a screen capture as I  have done here and in the final image. Thinking this might be caused by the confusion of elements on the screen, I tried it with a simple circle with the same results.