Replying to several: I don't know that psychotropics are or aren't a catalyst for this. Back in the Day, I definitely once watched a ceiling display the sound of a RUSH album for and hour and a half after nobody told me the brownies were "magic" until after I'd eaten TWO...but I have not done any studies, even informally on the subject. (The one nice thing was that lightshow kept my mind off how awful my stomach felt.)
One of the hallmarks of this phenomenon is that it is consistent, that is, if 3 is red for you when you're a kid, it's always red for you. Furthermore, if you're looking at a black-and-white screen with symbols on it and one of them is a "3", fMRI will show the area of the brain that assesses color is firing. Also, people with this kind of synesthesia can pick out differing characters in a random screenful more quickly than other folks if the odd symbols are ones they "see" as a bright color like red or yellow.
Dagny -- What color is "Dagny" for you? Just curious, but I assume since you took it for your screen name, you like it.
Current research suggests the occurance of some form of synesthesia may be as common as one in a thousand, or even--this is the lowest I've seen, and I don't know what their threshhold was--one in 200. It's not often reported without direct questioning, because it is perfectly normal to the person who has it.
What I find interesting is that there have been so many positive responses, though of course this is a self-selecting group. I know based on my own experience, I just didn't mention it because I learned young that it wasn't productive. (In fact, I remember having my first husband tell me, "No, you don't!" when I told him about it.)