Appeared to be a bright star with multicolored lights surrounding it, that moved in rapid 45 degree angle directions.

A bright light, looking very much like a star or planet, but not acting like one at all. First, there were distinct flashing colored lights (red, green, maybe blue)around the perimeter of the light, blinking on and off. Most importantly was it's movement - it would move quickly from right to left or up and down (or vice versa) and then come to a dead stop before immediately dashing off in another direction at a 45 degree angle. This was observed by my college roommate and myself while we attended Grand Valley State College in Allendale, MI (near Grand Rapids). We first noticed the "star" moving through the night sky while we driving back to our dorm. I thought at first it might be an illusion, because we were driving, but then my roommate (who was the driver) mentioned it to me. We stood in the parking lot outside our dorm and watched it moving, occasionally confirming to each other which way we observed it moving, just to make sure that we were both really seeing this thing. We watched for about 15 to 20 minutes before going inside, the object still doing it's manuevers in the sky. I could kick myself now for not reporting it to campus security or trying to document it somehow, but I was just a goofy college kid!
Date is approximate.  PD