power connections for electric motor
I would try to get the technical information for the equipment it was salvaged from (start with Google). If you find that, it should tell you everything you need to know. 

I would not assume that the color coding taken in isolation means anything. Lacking the service info, I would look at what I knew about the original equipment - was it run from household AC? Was the motor for a variable speed fan? A refrigeration compressor? Or...? Then I would try to determine type of motor it appeared to be: split phase? capacitor start, run or...? Next, get out the ohmmeter and trace out the connections. How many actual separate windings are there? Are some tapped? 

Assuming this is from consumer grade equipment, it "sounds like" a fan motor with several run windings, each for a different speed, but that's very much a W.A.G., and doesn't tell you how to connect it. However, judging only from the size, it is probably far too low powered for a lathe.