With the component's unit and package selected, after you hit the "OK" button on the "Install Component" dialog box Delphi will prompt you whether you want to rebuild the modified package or not.
Click on "Yes"
After the package is compiled, Delphi will show you a message saying that the new TColorButton (or whatever the component name is) component was registered and already available as part of the VCL.
Close the package detail window, allowing Delphi to save the changes to it.
