Is there a way to use a check box to make fields appear in force.com

I have a set of accounts in my group there some may have an extra designation based on whether or not you check a box

For Example you are going through your account set up and you create a field with a check box

Is Red? (check or no check)

If not Checked the account would look the same however if the Is Red is checked two other fileds would be displayed dynamically

What Color Red  (text)
How does it look (text)

Thanks,
Kurt