Conditional logic with switch cases

Is something like this possible or should I just use 500 lines of if and else logic instead of switch?

<?php
switch ( $something ) {

case 'one' :

    if( /* case 'two' is also the case */ ) {

        $color = 'red';
        break;
    }
    else {

        $color-1 = 'black';
        break;
    }

case 'two' :

    if( /* case 'one' is also the case */ ) {

        $color = 'red';
        break;
    }
    else {

        $color-2 = 'white';
        break;
    }
}
?>

Do I lose a lot in performance if I use a lot of if statements instead of switch?