Changing Rolling stock Livery

Yes, this can be done but you need a graphics program to do so. Paint.NET and GIMP are both available free though you can use other programs too if you have or want to buy them.

Best thing to do is search for Reskinning tutorial either here or in Google and you should get a list of threads and sites which will give you the information you require.
 
....is there a paintshed in the 2010 version?.....

There is no Paintshed in TS2010.

Reskinning of some assets is very easy, some are very difficult, depends on the asset and the changes you want to make.

(Note: you cannot release / distribute reskinned assets without the original creator's permission).
 
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