How to replace words in red colour to blue?

How to replace words from red to blue for all cells?

e.g.
From

It is blue.

to

It is blue.

Can it done by CTRL-F and not by VBA?

.
Look at KEYPRESS and ONKEY commands

The key combination you indicated can be tied to a macro that creates the result you want.
There are also lots of examples how to change the color of text.