Colored conical emission was observed experimentally in a thick beta-barium borate crystal as a result of spatiotemporal modulational instability. In the presence of both dispersion and diffraction, colored conical emission showed specific features that were characteristic of the nonlinear dynamics of the strongly coupled fundamental and harmonic fields. Experimental observation directly demonstrated that beam angular spectra were substantially modified as a result of exponential growth of perturbations by means of parametric wave mixing. Seeded amplification of colored conical emission was demonstrated to support ultrabroadband up-conversion.