You have to subscribe the QueryCellInfo event of the embedded GridListControl of the cell. To subscribe, you can use
GridDropDownGridListControlCellRenderer cr = this.gridControl1.CellRenderers["GridListControl"] as GridDropDownGridListControlCellRenderer;
GridListControl glc = cr.ListControlPart;
glc.Grid.QueryCellInfo += new GridQueryCellInfoEventHandler(Grid_QueryCellInfo);
In the handler, specify whatever properties you want on the style for teh particular cell.
private void Grid_QueryCellInfo(object sender, GridQueryCellInfoEventArgs e)
{
//format a specific cell
if(e.RowIndex == 2 && e.ColIndex == 3)
{
e.Style.BackColor = Color.Red;
}
}