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, each of a plurality of projection cycles, a sequence comprising a plurality of gray coded light patterns, each colored in one of red green or blue, on a target space; 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 sub sequence of said sequence, said sub sequence comprising red, green, and blue gray coded light patterns of said plurality of 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 said range data and color texture information.