Using \specialitems you can switch between different styles:

\documentclass{article}
\usepackage{xcolor}% http://ctan.org/pkg/xcolor
\newcommand{\specialitems}{%
\let\olditem\item% Store old \item in \olditem
\newcommand{\reditem}{\olditem\leavevmode\color{red}}%
\renewcommand{\item}{\color{black}\olditem\leavevmode}%
}
\begin{document}
\begin{itemize}
\specialitems
\item item one
\reditem item two
\item item three
\end{itemize}
\end{document}
Of course, you could also make your own specialitemize environment that does the same:
\newenvironment{specialitemize}
{\itemize\specialitems}% \begin{specialitemize}
{\enditemize}% \end{specialitemize}
Now you can use
\begin{specialitemize}
\item item one
\reditem item two
\item item three
\end{specialitemize}
leavevmode? I've never understood exactly what's it for. – NVaughan Oct 11 '12 at 16:52\leavevmodein theitemizeenvironment (part of\AddLinkToFile) of the answer to Adjust vertical spacing in tabular containing\href. Then there's also Function and usage of\leavevmode. – Werner Oct 11 '12 at 17:20