We present a new multidimensional femtosecond spectroscopy technique based on spectrally resolved 2-colour 3-pulse photon echoes for investigating molecular dynamics in a variety of systems including proteins. In this technique the sample is illuminated by two femtosecond 'pump' pulses with wave vectors k1, k2 and wavelength lambda(pump) and a femtosecond 'probe' pulse with wave vector k3 and wavelength lambda(probe). Nonlinear signals are generated in the phase-matching directions k4 = - k1 + k2 + k3 and k6 = - k3 + k1 + k2. These signals are analysed in spectrometers equipped with CCD detectors and the spectra of the signals are recorded for various values of (i) the delay t12 between pulses 1 and 2, (ii) the delay t23 between pulses 2 and 3, and (iii) the wavelengths lambda(pump), lambda(probe). The technique has been used for studying vibrational and electronic dynamics of dye molecules, such as cresyl violet in methanol, and ultra-fast transient processes that occur during the photo-dissociation of carbonmonoxy myoglobin (MbCO) into myoglobin (Mb) and CO.