Well, actually that exists in some form or another already. What may be possible soon is that parents may be able to choose their child's skin tone (I've already come up with two Michael jokes!)
Fish help unlock mystery of our skin color
One gene may play big role in making some fish golden, some people white
Zebrafish zipping around an aquarium have led researchers to a gene that may play an important role in human skin color, an attribute that has served as a basis for social discrimination through the ages.
Researchers searching for cancer genes in zebrafish noticed that pigment cells in a peculiar golden variety of zebrafish look like pigment cells from light-skinned humans. This human-fish similarity motivated the researchers to track down the zebrafish gene responsible for the golden hue and lighter-than-usual stripes.
Then the scientists identified the human version of the gene, which has two main types — a version shared by Africans and East Asians, and a slightly different variant carried by nearly all Europeans. The researchers went on to show that this gene is partly responsible for light human skin in Europeans. This study appears in Friday's issue of the journal Science, published by AAAS, the nonprofit science society.
For more, here's the link;
http://www.msnbc.msn.com/id/10480835/