Therefore, I know next to nothing on exactly how to install, configure, or use it. I tried searching the forums and online for some type of install guide guide. However, I could not find anything.
I don't understand what you mean. If you downloaded the setup executable, you just run it. If you downloaded the zip file, the instructions are in README.txt.
When you open up process hacker and it shows the running processes does each color have a meaning? For example like anything bad will be in red or something?
You can see the different types of highlighting in Options > Highlighting.
What else can be done with process hacker? If someone could point me to a guide, or explain the basics of how to use it, and what exactly can be accomplished by using it that would be great. Thanks in advance!
Unfortunately I don't have time to write documentation as well as the program itself!
It's pretty self-explanatory though - read Windows Internals
if you have any conceptual difficulties.