There is no \framecolorbox macro, but you can easily build one with xparse:
\usepackage{xparse}
\NewDocumentCommand{\framecolorbox}{oommm}
{% #1 = width (optional)
% #2 = inner alignment (optional)
% #3 = frame color
% #4 = background color
% #5 = text
\IfValueTF{#1}
{\IfValueTF{#2}
{\fcolorbox{#3}{#4}{\makebox[#1][#2]{#5}}}
{\fcolorbox{#3}{#4}{\makebox[#1]{#5}}}%
}
{\fcolorbox{#3}{#4}{#5}}%
}
Complete example:
\documentclass{article}
\usepackage{xcolor}
\usepackage{xparse}
\NewDocumentCommand{\framecolorbox}{oommm}
{% #1 = width (optional)
% #2 = inner alignment (optional)
% #3 = frame color
% #4 = background color
% #5 = text
\IfValueTF{#1}
{%
\IfValueTF{#2}
{\fcolorbox{#3}{#4}{\makebox[#1][#2]{#5}}}
{\fcolorbox{#3}{#4}{\makebox[#1]{#5}}}%
}
{\fcolorbox{#3}{#4}{#5}}%
}
\begin{document}
\framecolorbox{blue}{blue!40}{what do I do here?}
\framecolorbox[4cm]{blue}{blue!40}{what do I do here?}
\framecolorbox[4cm][l]{blue}{blue!40}{what do I do here?}
\framecolorbox[4cm][r]{blue}{blue!40}{what do I do here?}
\framecolorbox[4cm][s]{blue}{blue!40}{what do I do here?}
\end{document}

makeboxorparboxinsidefcolorbox. – Marco Daniel Apr 27 '13 at 11:05\fbox[1in]{text}would be incorrect; do you mean\framebox? – egreg Apr 27 '13 at 12:39\fboxdoesn't work. You mean\framebox. – Ulrike Fischer Apr 27 '13 at 12:42