Need help with quotes translations

[Shinju]

I'm reading Shakespeare's Twelfth Night in a class, and for homework we're given a packet full of a bunch of questions haveing to do with each scene.
For Act 1, scene 5- one of the questions asks "According to Feste [clown], why do hanged men need not fear colors?"
Can someone please translate this or help me out with it? I would appreciate it so much!
Some of the lines in the play that relate to it are:

Clown
Let her hang me: he that is well hanged in this
world needs to fear no colours.

MARIA
Make that good.

Clown
He shall see none to fear.

MARIA
A good lenten answer: I can tell thee where that
saying was born, of 'I fear no colours.'

Clown
Where, good Mistress Mary?

MARIA
In the wars; and that may you be bold to say in your foolery.

Clown
Well, God give them wisdom that have it; and those
that are fools, let them use their talents.

MARIA
Yet you will be hanged for being so long absent; or,
to be turned away, is not that as good as a hanging to you?

Clown
Many a good hanging prevents a bad marriage; and,
for turning away, let summer bear it out.

[PeterL]

Someone who has been hanged fears nothing, because he is dead.

[B-Mental]

Also, colors were used to identify armies, different colors meant different things. In the US Army, Blue = Infantry, Red = Cavalry (tanks)...in those days obviously horse cavalry (red) would be much more intimidating than infantry (blue), but both would be intimidating to a noncombatant while they lived. I don't know maybe this is of some help.

[Shinju]

Thank you very much PeterL and B-Mental!