I do not believe this is possible out of the box with Windows 10. Windows 10 only allows you to select one output for general audio and one output for communications programs like Skype. If you just want to use the headphones for comms that setting is on the playback devices property panel and you just have to change the drop down box to communication device before clicking apply.
You may be able to override Windows with software like Peace but I'm not sure. I've only used it to modify output levels beyond what Windows offers. Personally I use an external amp with two outputs so one goes to speakers and the other is wireless headphones. That works well for me.
The different colors are for discrete surround sound speakers. If you do not have them you should only use the green for headphones/speakers and the red for microphone.
A bus station is where a bus stops. A train station is where a train stops. On my desk, I have a work station…