iMovie/FCE Colour Correction

[Colin McDonald]

Perhaps someone could advise me on this:

I have been given some DV footage to work with which has a consistent 
colour problem. The inexperienced camera operator has accidentally hit 
the 'back light' button while setting up the camera and failed to 
notice.  As a result, the footage (tripod mounted, camera static, 
subject fairly immobile) is rather washed out and the background (light 
coloured wall) is totally white.  In fact, it all looks as if it has 
been shot in heaven.

When I experimented with the colour correction in iMovie (3) all I 
succeeded in doing was to generate peculiar garishly coloured artifacts 
in one corner of the frame, giving the impression that the subject is 
being stalked by some sort of alien jellyfish.

Is iMovie capable of doing anything about this, and if so, how?

Would I be better with Final Cut Express which was considering buying 
anyway?  From what I've read, FCE colour correction is different from 
(not as good as?) Final Cut Pro.

TIA

Colin McDonald