Signal words, such as DANGER, WARNING, and CAUTION are often used on consumer products to connote various levels of hazard. Each of these signal words is usually printed in a color (e.g., white on a dark background) in order to potentially increase saliency or aesthetics. Hence, there is a potentially significant interaction of signal word, color, and product type on perceived hazard. Warning labels for muriatic acid, Xtra-Clean All Purpose Cleaner, and Crayola Crayons were factorially combined with signal word (DEADLY, DANGER, WARNING, CAUTION, and NOTE) and color of signal word (orange, blue, red, black) for a total of 60 conditions. A sample of 124 undergraduates rated each product warning on understandability, likelihood of compliance, carefulness, and attention-gettingness. Results indicated that muriatic acid had significantly higher hazard ratings than either the cleaner or crayons. Black connoted the highest level of hazard followed by blue, red, and orange. Furthermore, the order of perceived hazard from highest to lowest for signal word was DEADLY, DANGER, WARNING, CAUTION, and NOTE. Moreover, there appears to be an averaging effect in which muriatic acid with the signal word NOTE printed in orange produced the same connoted hazard level as the package of crayons with the signal word CAUTION printed in red. Implications for warning design are discussed.