We report a detailed study on the synthesis of ultra-small (1-10 nm) colloidal silicon nanoparticles (Si NPs) by ablating porous silicon (pSi) in acetone using femtosecond laser pulses. Porous silicon is considered as a target material for ablation because it contains a large number of light emitting silicon nanoparticles. The pSi samples were prepared by anodic etching of silicon in aqueous HF solution for different etching current densities. Transmission electron microscope measurements confirmed the successful formation of well-isolated spherical silicon nanoparticles. The average size of spherical NPs were estimated to be 7.6, 7, and 6 nm when anodic etching current densities of 5, 10, and 20 mA/cm(2) were used respectively for preparing pSi targets. The crystallinity of these Si NPs was confirmed by selective area electron diffraction and Raman spectroscopy measurements. The observed blue shift in the absorption and emission spectra are attributed to reduction in the average particle size with increase in etching current density. These Si NPs may be useful for fabricating low-dimensional microelectronic compatible photonic devices.