I have an mp4 video to edit, but....

I want to import an mp4 movie (not made wit Blender at all) into the VSE, because the color balance was off in the camera. It’s an hour long. Will I have to render the entire movie again, or can Blender just save the entire movie with the color balance changed? If I have to render it again it will take forever!

Once you import the video and change the color balance, you will have to render it out of Blender for the changes to take effect.