Does anyone know of any software for real-time timbre analysis? I know of specialized programs created by individuals, but these are largely unattainable to the general public. Thanks in advance for any help you can offer!
You do know Audacity can display spectrograms ? …
Unfortunately you can’t change the colour scheme 
other than changing the spectrogram to greyscale, (i.e. black & white, no colour).
http://manual.audacityteam.org/index.php?title=Spectrogram_Preferences
That and Audacity can’t do anything in “real-time”.
What’s the operating system? What kind of analysis do you need?