I've been trying, without success, to find where to access a 'look-up' list to compare the text with the known colours.
Um, the KnownColor enumeration that I just demonstrated for you. You don't have to add anything to any array. You seem to have missed the principle the example was demonstrating. The line that matters there is this one:
vb.net Code:
  1. If [Enum].IsDefined(GetType(KnownColor), s) Then
where s is the String value you want to test. In your case, that String value is TextBox1.Text so you substitute that for s, e.g.
vb.net Code:
  1. Dim colourName = TextBox1.Text
  2.  
  3. If [Enum].IsDefined(GetType(KnownColor), colourName) Then
  4.     Dim colour = Color.FromName(colourName)
  5.  
  6.     'Use colour here.
  7. Else
  8.     'There is no such colour.
  9. End If