Sigma doesn't list any special storage conditions, so: basically however you want. In general, keep it dry, away from light (ie: in its bottle), away from reactive substances, etc. It'll last longer in a freezer than at room temperature, but this is given out as a drug to people, so it's unlikely to be super unstable just sitting on your bench.
As for dilution: take 50 mg, and add 50 mL of ethanol. You can almost certainly use DMSO if you prefer too. From there, dilute 1:1000 into your cell culture (ie: take 10 uL of the ethanol stock, and add it to the 10 mL of media on your plate of cells), and cross your fingers that it doesn't crash out (it shouldn't).
colchicine solubility is ~ 100 mM in either water or DMSO, MW weight is ~ 400, thus 40mg/mL = 800x stock should be possible at maximum. To be on the save side you could make it 25mg/mL = 500x stock, final [DMSO] = 0,2%
DMSO should be better than ethanol, less toxic to cells