Shere shaped object with brilliant bright lights

The sighting occured after my friend and I were on our way back from playing basketball at a local gymnasium. We both lived on the same road and he drove me home, about 2 miles from my house we saw a strange sphere shaped object on the right side of the road above a security light its lights were so bright you could see them over the brightness of the security light, it had every color of the spectrum and the lights moved across the center of the object like a belt with a new color flashing every second. We stopped in the middle of the road and watched in amazement as it started to decend on the hill next to the road, it was rather large in appearence so it appeared to me that it was only 200 to 300 feet from the ground, we rounded the curve to get a better view only to discover that it had vanished.
Date is approximate.  PD