Photoshop :: Text Color Not Staying When Picking Blue?

I have a weird problem which is either operator error (Most likely) or something wrong with my CS3. I am trying to set my text color to a standard blue (0000FF in paint shop or anything close) When I set it to that it displays the color in the little color box but when I apply it goes back to a purple color? All other colors that I pick seem to stay but not the plain old blue? 8bit 16bit 32bit it doesn't matter nor does changing the mode to RGB or CMYK or whatever! I do notice in the select text color box that next to my color is a warning box that says" Warning : out of gamut for printing" but it say's that on other colors that it will pick and stay fine.