In my opinion the best versions of Might and Magic 1 and 2 are the Mac versions (the GUIs look really handy!).

(scroll all the way down to see comparison pictures)
http://www.hardcoregaming101.net/mightandmagic/mightandmagic.htm
http://www.hardcoregaming101.net/mightandmagic/mightandmagic2.htm

I was wondering what is the highest version of Macintosh that M&M 1 and 2 can run on. Also, it needs to have the color feature for M&M 2. Thanks!

As far as I know, you should be able to get an emulator for the old Mac operating system (similar to using DosBOX for the older DOS operating system) and run the games in there.
I haven't used any of these personally, so I don't know which to recommend, but I've heard several people using them with some success for running older games.

Perhaps take a look here: http://macemulators.wordpress.com/category/old-macintosh-emulators/

OpenEmulator looks quite promising from what I've just read about it (http://openemulator.org/index.html)

I agree about the Macintosh version's GUI being handy. I haven't gotten M&M1 to run yet, but M&M2 works well with System 7.5.3. Just remember to set the correct color depth before starting it and, if you use an emulator, don't have too much RAM (seems to cause problems).

Right now the leading solution for running classic Mac OS (not Mac OS X) software is SheepSaver. I haven't tinkered with it for some time, but it's a real bear to set up properly. The thing is, SheepSaver is geared towards running Mac OS 9. The original Mac versions of MM1 and 2 go all the way back to System 6.0.8, so there's no telling if they'll actually run. And that's assuming you can still even find copies of the Mac versions of MM1 and 2.