Converting a value to a colour is well known, I do understand the following two approaches (very well described in changing rgb color values to represent a value)
What you need is a transfer function.
given a float number, a transfer function can generate a color.
see this:
http://http.developer.nvidia.com/GPUGems/gpugems_ch39.html
and this:
http://graphicsrunner.blogspot.com/2009/01/volume-rendering-102-transfer-functions.html
the second article says that the isovalue is between [0,255]. But it doesn't have to be in that range.
Normally, we scale any float number to the [0,1] range, and apply transfer function to get the color value.