We report on experimental investigations of the dynamics of colliding liquid droplets by combining optical trapping, spectroscopy and high-speed color imaging. Two droplets with diameters between 5 and 50 microns are suspended in quiescent air by optical traps. The traps allows us to control the initial positions, and hence the impact parameter and the relative velocity of the colliding droplets. Movies of the droplet dynamics are recorded using high-speed digital movie cameras at a frame rate of up to 63000 frames per second. A fluorescent dye is added to one of the colliding droplets. We investigate the temporal evolution of the scattered and fluorescence light from the colliding droplets with concurrent spectroscopy and color imaging. This technique can be used to detect the exchange of molecules between a pair of neutral or charged droplets.