Is there a way customers can select a pre build design so they only have to change for example the name and product color? 

Sorry, maybe I'm misunderstanding the question. Yes that is possible, simply create the products that way, with a text field for the name and colors to choose from. You can also take a look at fpd plus, which should make this a little easier to do for customers on the front end, here are the demos: http://fancyproductdesigner.com/plus/