on first impression eye sounds like a reasonable answer along with perhaps pressure and time, but all three fail to fit most of the situations in the riddle. Without an eye there is still colour regardless whether we see it or not, its simply not relevant. Also turning a polar bear white suggests it was some other colour before hand. An eye does also not make you cry, you do not cry because of your eye but with it. etc etc
pressure can be argued for some events however you use pressure to squeeze and hence pop things such as balloons and do not squeeze pressure itself causing pressure to pop! obviously an absurd notion!
time also does not really fit the bottom two lines, you can't squeeze or look at time.
one line was missed when quoting the riddle, there should be another line "can you guess the riddle?" of course the answer to the entire riddle is no you can't. no plausible "thing" links the random events specified in the riddle and it is purely made up by someone on myspace for a joke!
other wise, when searching the topic the riddle would surely get more recognition than these forums alone.
peace