This is possible with
\bgroup
\hypersetup{linkcolor = black}
\listoffigures
\egroup
or alternatively without the grouping but an additional \hypersetup{linkcolor = red} after the \listoffigures:
\hypersetup{linkcolor = black}
\listoffigures
\hypersetup{linkcolor = red}
The hyperref package uses either colorlinks=true, i.e. the links are shown in some other colour than black, or colorlinks=false, in which case the text of the links is black (or whatever colour is set e.g. with \color) and there is a coloured rectangle around it. The colorlinks-option cannot be changed with \hypersetup.
Nevertheless it is possible to do this:
\usepackage[colorlinks=false,linkbordercolor=red,...]{hyperref}
to get red rectangles around the links,
\listoffigures
\hypersetup{linkbordercolor = white}
to get rid of the rectangles after the list of figures,
{\color{red}\ref{something}}
to get red links (needed for each & every link!). Probably something like
\newcommand*{\myref}[1]{{\color{red}\ref{#1}}}
in the preamble (after loading the hyperref package) and using \myref instead of \ref would be easier, maybe even re-defining \ref.
You would also need to do this colour-management for the other types of links!
(BTW: For blue rectangles it is linkbordercolor=blue.)
Using the xcolor package it is also possible to use
\colorlet{foo}{red}
\colorlet{red}{blue}
\listoffigures
\colorlet{red}{foo}
The links (either text or rectangle) in the \listoffigures would be printed in blue, and the links afterwards in red again. The question "How do I combine link-colouring and link-borders with the hyperref-package?" is probably best asked as new question imho.
\bgroup \hypersetup{linkcolor = black} \listoffigures \egroup(or without the grouping and an additional\hypersetup{linkcolor = red}after the listoffigures. – Stephen Jun 11 '12 at 15:30