I have lived and backpacked in Colorado, in all four-seasons, for the past decade or so and I wouldn't recommend anything other than +15-25 degree bag for a Colorado summer.

I have woken up countless times in June and July to frost on the ground. In fact just last June I was caught in a freak hail and snowstorm. What I am trying to get across is that a traditional summer bag of 30-40 degrees will just not cut it in Colorado, except in the height of summer.

As for "light"-- that is a subjective term. Personally speaking, I consider a light 3-season bag anything under 3lbs. Others may say different. However, how light you can go will depend on your budget, generally speaking the lighter the bag, the more expensive it is.

With that said-- the REI Sub-kilo is a great first choice-- inexpensive and light-- they are just a bit narrow.

http://www.rei.com/search?query=sub+kilo&button.x=0&button.y=0

If you have the time then Golite currently have a warehouse sale going on in Northglenn and Littleton. They have a synthetic 3-season bag going for $100 or a down 3-season bag for $150 or a down version for $130. These prices are only available at the aformentioned loctions

Down
http://www.golite.com/Product/ProdDetail.aspx?p=161003110
Synthetic
http://www.golite.com/Product/ProdDetail.aspx?p=163001110&mc=206&t=&lat
Sale locations:
http://www.golite.com/sale/