It's confusing because from another boat you look like something else. USCG has an excellent on-line tool for the ColRegs, with illustrated lights at
http://www.navcen.uscg.gov/?pageName=navRulesContent
As you can see, if another boat sees your port side, and you have both a top and bottom red light, you are broadcasting that you are Not under Command .... "red over red, lost my head" or if you have your steaming light on (white) that you are Restricted in your ability to maneuver. - both definitions under Rule 27.
Green-over-green doesn't have another meaning, except that you don't know the rules. White-over-white at the stern could be mistaken for a towing light from ahead under Rule 24, except there would be no side lights.
Although these are in the Federal Register, I've not heard of the USCG stopping people and giving out citations for bad lights, unless you are a commercial vessel, or they are particularly bored. I have heard of local harbor police giving local citations for not displaying anchor lights, but those are more for personal preservation so I always make sure I'm very compliant and obvious.