Quoted from the SRD:
Each color in the wall has a special effect. The accompanying table shows the seven colors of the wall, the order in which they appear, their effects on creatures trying to attack you or pass through the wall...
Red, Deals 20 points of fire damage (Reflex half)
Orange, Deals 40 points of acid damage (Reflex half)
Yellow, Deals 80 points of electricity damage (Reflex half)
Green, Kills; Fortitude partial for 1d6 points of Con damage insteadl
Blue, Turned to stone (Fortitude negates)
Indigo, Will save or become insane (as insanity spell)
Violet, Energy field destroys all objects and effects. 1 Creatures sent to another plane (Will negates).
Keep in mind that someone/something attempting to pass through the wall must save vs. each effect, in order. Passing through the wall is much more difficult than just making one save.
The reference to "Energy field destroys all objects and effects" should probably only be applied to unattended items and effects. If someone throws an item through the wall (or just sticks the end of his sword into it), the item is destroyed, no save. Ditto for spells and effects. If the person/creature attempts to pass through, and makes each save, then I would rule that their items and personal spells are not affected, but I haven't seen an official ruling on this.
BTW, prismatic sphere is clearer in how the effects are applied to someone passing through the wall.