ajax_command_invoke Question related to Commerce + Colorbox + AJAX
I'm editing my answer to directly address your question first:

ajax_command_invoke takes a css selector as its first argument.  

 node-colorbox


isn't a css selector (or at the very least, not a valid one).

In addition, ajax_command_invoke does not allow for the execution of arbitrary javascript, but only allows for triggering registered jQuery events.  If you want to create a custom jQuery event for colorbox, you will have to manually create it and attach it to the colorbox object, using Drupal.behaviors.

http://www.sitepoint.com/jquery-custom-events/ should get your started.

Colorbox seems like it might be a good solution for your use-case, but it really isn't.  If you want a good floating window with ajax forms and automatic closure, using the chaos tools modal system is a better bet.  It supports what you're looking for right out of the box and makes working with forms easy.  In addition, almost everyone uses ctools, as it is a dependency for many different modules.

http://deeson-online.co.uk/labs/insert-form-pop-modal-ctools-and-drupal-7 should get you started.