Not really. Neither of us have any experience or specialized training in demolitions. I’m almost certain the red wire/blue wire setup is an electrician’s joke, something to do with live versus grounded lines. Though, honestly, it might have to do with the steps necessary to break a circuit without overloading it. I’ve never had a head for electronics.
That said; the time bomb, which usually goes along with that kind of a crude wire setup, is more in the domain of the thriller, rather than real life. It’s 2015, if someone wants to set off a bomb, their best option is probably going to be a pair of burner cell phones, one of them wired into the device.
If the bomb absolutely has to go off once it’s armed, they’re better off booby trapping whatever container it’s located in, or you know, not color coding the wiring, though that brings it’s own risks along with it.
If it has to go off when it gets kicked around or moved… then you’re looking at a mercury tilt switch. The idea is that, once the bomb is armed, there’s a suspended bead of mercury in the circuitry. If the device is jostled or someone attempts to move it, then the mercury will shift, completing the circuit and detonating. These are getting harder to obtain, because environmental regulation of mercury is tighter now than in the past. But until 2003, mercury switches were used for various components in cars. So this isn’t some bizarre unique technology that only exists for crazed bombers. They’ve also been used as anti tampering mechanisms in landmines and vending machines.
Beyond that, I’d suggest starting with Wikipedia’s bomb disposal page. The hard part with a question like this is that actual disposal techniques are pretty well guarded. To the point that a couple of things I know exist (like shotgun disruptor shells) are irritatingly difficult to verify.