This is syntax highlighting for the lucid hardware description language created by embedded micro. Lucid is a superset of Verilog which is easier to use and has extensions for many common operations, such as creating flipflops and state machines. Mojo IDE only supports their mojo FPGA board, though.
For more information on lucid, please see the embeddedmicro site here
Basic syntax highlighting
At this time there are no further requirements. You ideally want to install Xilinx ISE and Mojo IDE to actually compile the code. For details see embedded micro instructions.
At this time there are no configurable settings