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Color correction using FCP 5.1

I don't use FCP - I'm a few years behind the curve. My question is this: I know "color" is part of FC Studio 2, but does the user have the ability to color correct in any older versions of Final Cut, like v.5.1?
 
Yes. there are a couple of options to select as color correctors in the standard FCP 5 effect tools. I like using the 3-way though, if used incorrectly it can make your luma look off because it doesn't separate luma from chroma, so when adjusting your blacks and whites it is best to leave the wheel point in the center (white) the third wheel is midtones. you can adjust the hues for the highlights and lowlights in the basic color correction effect.

I just tried color(the program) today, and posted about it earlier, from just playing around with it, it seems to have a lot more options for specialized color grading and used the more visual curves adjuster, like in photo shop. I am not sure if it is worth the upgrade to FCPS 2, but surely enhances the process.
 
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