Yes you can - and SO much more. There are a couple ways to do it. There are some great apps out there that will allow you to create different colored lights for all kinds of different notifications. I use one called LightFlow. Do a search here and you will see a lot of great threads about it. There is a free version so you can try it out and if you like it you can either purchase the full version and get even more functions or you can stay with the free versions.
The Razr Maxx HD is limited to only 6 or 7 different light colors but that should get you a long way. I use all 7 to give me notifications for emails, texts, missed calls, voice mails, chess moves, calendar events, forum posts to name a few. I also use LightFlow to give a different notification sound for each notification.
I also came over from iPhone and you will not believe how much you can customize your Android phone to your personal liking. I can never go back now and I loved my iPhone.