1. A method of forming at least one three dimensional (3D) color image of at least one object in a target space, comprising: a) projecting, in each of a plurality of projection cycles, a sequence comprising three gray coded shaped light patterns, one pattern colored in only red, one pattern colored in only green, and one pattern colored in only blue, on a target space, said patterns projected one at a time, each of said light patterns including a plurality of portions having a geometric shape; b) capturing a plurality of two dimensional (2D) images of said target space during a plurality of acquisition cycles, each said acquisition cycle being timed to correspond with the projection of at least a sequence, comprising said red, green, and blue gray coded light patterns; c) extracting range data and color texture information of at least one object in said target space from said plurality of 2D images; and d) forming a 3D color image of the at least one object based on said range data and color texture information.