Earlier in the week we reported on the likelihood of the ZuneHD being real. While it all seemed too good to be true, we hoped Microsoft would consider this sweet piece of kit for a phone. Today brings more Microsoft/Zune phone talk, with codenames to boot.

Today news is doing the rounds about Pink, Microsoft’s apparent answer to the iPhone software and Android. The talk about Project Pink stems back about 6 months. It all began to trickle out around the time people figured out Microsoft wasn’t bringing a Zune phone to CES in Las Vegas. CNBC started the ball rolling, linking Pink to a supposed upcoming facelift for the Zune. Jim Goldman reported (citing a ‘good’ source) that Pink would be combine with the Zune and the technology Microsoft acquired along with Sidekick manufacturer, Danger.

Today's rumors say that while it was previously believed to be software only, the Pink could come in phone form or be released on new hardware. When we mash all these rumors together, we love what we come up with. A ZuneHD phone with a completely new platform that’s mainly Sidekick with just a smidge of Windows Mobile. Unfortunately this all sounds way too good to be true.

According to VentureBeat, Microsoft also had another project called Project Purple that was supposedly a joint project with LG for the Messenger, a phone focused on texting. VB says that this has since been scrapped. We figure because Microsoft woke up and smelled the web 2.0 coffee. All about email, the internet and tweeting now. Next up Project Brown, Project White, Project Blonde, Project Blue and Project Orange.