Proxima Ultralight ls1 home theater / presentation projector Question is below?

I got a proxima ultralight ls1 projector from a friend. I turned it on and the color is off. It displays a pinkish tint at the top right and a green tint on the bottom. I tried changing the color settings but I can't get it to look normal. Is there anything I can do to fix it. Could it be the bulb or lens?

It is pretty unlikely to be the lens. It could be the bulb, but normally bulbs won't exhibit color shift like that...they just get dim. One thing that can happen is that once the bulb gets dim, people tend to turn the brightness and contrast all the way up to try to compensate for the increasingly dim image. This overdrives the color circuit and can cause wierd things. Check the settings to see if the brightness and contrast are cranked to the max. In a dark room, you shouldn't need more than 50% on either. You should access the bulb life counter (check the manual for how to do this). If it is over 2000 hours, it is very likely toast. If that isn't it, then here are some other things to check...

Your setup could be incorrect. Make sure the projector is in the correct video mode, and check your DVD player to make certain it is in the 4:3 mode and has the progressive scan set to off (if it is progressive scan). Check the advanced video settings to see if somebody seriously screwed with things like Gamma (again, see the manual or call Proxima to see how this can be accessed). If all those fail and the bulb is good...

It could also be a bad circuit or LCD engine. Keep in mind, that projector is 7 years old and projectors lead a hard life with very high voltages, tons of heat, and dust going thru them. Circuit boards are bound to fail. It is an LCD unit and if it was used as a portable, the panels may have been knocked out of alignment. If that is the case, start shopping for a new projector as it probably isn't worth repairing, particularly given that new high def 16:9 projectors can now be had for under $1000 that will annhilate a 7 year old unit with a 200:1 contrast ratio. You might want to call Proxima if everything else fails.