hay will the forth version of SCI Studio be bale to support higher graphics such as 4096 colours and be able to have better pixel quality.
It will support all SCI games, including the 32bit ones. So the answer is sort of yes... not 4096 exactly, though... more.
also will there be a mutltiplayer function
It depends on if any of the SCI Interpreters have it. If you use the SCI interpreter that was used for the imagination network, then it should theoretically be possible.
how far is this version going and when do you expect a release date as i am very anxious to get into it
There is not release date set, it will be released when Brian is finished, so please don't ask anymore about the release date or it's progress, he will let us know what's going on in the news on his site.
are there any beta testing versions that i can have and if so can i have one to help find the bugs and stuff
You can get a beta copy by making a donation to Brian through paypal(he doesn't give it for like $5 and such though, so if your going to donate, don't think you can donate like a dollar and then get a copy, you have to donate a decent ammount to get it), otherwise no, you cannot get a copy before anyone else.