"red is right", that is the right audio channel,
white is left audio channel
yellow is composite video.
but you don't have to follow that convention, it's just a convenience so that when you connect red cable to the red output jack, you know when you're at the other end what it is and that it should go to the red input jack
but if you're using that system with a dvd player, you're really missing out. those two audio channels provide only a stereo mix. you're completely missing out on dolby digital or dts which provide 5.1 channels. but if you're playing the audio through a tv, then you don't really have the capability to enjoy it.
the red/green/blue is component video signals. that is, these are only video. the audio will be output elsewhere (optical or coaxial digital).
to answer your question concisely: the red/green/blue and the red/white/yellow are NOT interchangeable.