If you didn't want to use jQuery, here's the code in JavaScript
http://jsfiddle.net/u72yF/3/
color = function() {
    var table = document.getElementById('myTable');
    var trList = table.getElementsByTagName('tr');
    // index of the status column
    var index = -1;
    for (var i = 0; i < trList.length; i++) {
        var tdList = trList[i].getElementsByTagName('td');
        if (index < 0) {
            // we need to find out the status column index first
            for (var j = 0; j < tdList.length; j++) {
                if (tdList[j].id == 'statusColumn') {
                    index = j;
                    break;
                }
            }
        }
        if (tdList[index].innerHTML.trim() == 'Late') {
            // for constant coloring
            trList[i].style.background = '#FFD7D7';
            // for on hover coloring 
            //trList[i].onmouseover = function() { 
            //  this.style.background = '#FFD7D7'; 
            //} 
            //trList[i].onmouseout = function() { 
            //  this.style.background = ''; 
            //}
        }
     } 
 }
I assumed, the code does not know, which column is a Status one, so there is a detection included (by id "statusColumn"). The "Late" string is then searched only in this column, other ones are ignored.
If by coloring you meant on hover coloring rather than constant coloring (which I demonstrated), remove the comment in the bottom part, which implements this.