I would like to create 3 diferent panels on my website. Lets say blue, green and red. I need to asign them to my subdomains. Each panel will have diferent sets of blocks and theme.
How do I do this?

Another question is about the subdomains, once somebody enter subdomain red.mysite.com i want modules to display like this red.mysite.com/wfsections. HOw?

IS it OK for google if I advertise for separetly all 3 subdomains
blue.mysite.com green.mysite.com red.mysite.com?

thx

Have a look on the Multisite module.