I'm looking into category theory, and when looking at co-limits, there is obviously something wrong with my understanding, but I can't figure out what it is.
So, let $G_1$ and $G_2$ be two groups.
The co-limit is supposed to be the co-product, which, for a finite number of groups, is supposed to be isomorphic with the product.
Now the co-limit $L$ is a co-cone with morphisms $p,q$ from $G_1$ and $G_2$ to $L$ respectively, such that for any other co-cone $X$ with $p',q'$ there is a unique morphism $u$ from $L$ to $X$ such that everything commutes.
Now my (obviously flawed) reasoning is, that if such an $L$ exists, take a third group $G_3$, add it to $L$ as $L\times G_3$ and modify $u$ to send all of $G_3$ to zero, so no co-limit $L$ can ever exist.
Just to add a little more value for visitors of this question:
I had also a misunderstanding of limits, not just co-limits, but was able to figure it out by myself.
For my first incomplete reading, any limit would be replaced by the null-object.
Until I realized that, unspoken, any diagram from being a category of its own, also includes the identity morphisms, thus generally excluding the null-object as the resulting cone must also commute with the identity.
First, coproducts are a special kind of colimit; not every colimit is a coproduct, but every coproduct is a colimit.
Second: it is only in the category of abelian groups (and other categories, called "abelian categories") that finite products and finite coproducts are isomorphic. In the category of all groups, the coproduct is the free product, which is very much not isomorphic to the product (except in trivial cases, such as a single factor, or all but one factor being trivial).
There are several books that discuss free products of groups: Hungerford's Algebra covers them in Section I.9, "Free Groups, Free Products, Generators & Relations."
George Bergman's An invitation to General Algebra and Universal Constructions (link is to a PDF of a version prior to the most recent one published) discusses products and coproducts of gruops in tandem in Section 4.6. I recommend Bergman's book as both very thorough, readable, and yet carefully detailed, but some of his notation is (by his own admission) non-standard, so use the excellent Symbol Index liberally.