Judging from a photo of their football team it might be navy and gold. [Spelvin adds] The Rice University Web site reports: In 1912, Rice's first president, Edgar Odell Lovett, chose as the school colors "a blue still deeper than the Oxford blue" and "the Confederate gray, enlivened by a tinge of lavender."
[almadenmike adds]Here is a link to the official Rice color palette: http://www.staff.rice.edu/staff/103_Color_Pallette.asp.
Here are the color specs: http://www.staff.rice.edu/images/styleguide/1031.jpg
Rice Blue is Pantone 294 -- C100, M93, Y28, K22. (For Web, use Hex 002469 or an RGB translation of R0, G36, B106.
Rice Gray isPantone 425 -- C0, M0, Y0, K77 . (For Web, use Hex 5e6062, or RGB translation of R94, G96, B98.