How do I load color corrected RMD (RED) files in CS5.

Question

I have edited RED footage in cs5.
I now have received color corrected RMD files - however I don't see the color correction on any clips in the timeline.
What do I need to do to make sure edited footage (R3D files) on the timeline reflect color correction.
I tried replacing footage, it didn't work - if I import the R3D again, apply the cuts and place on timeline I see color correction but I am sure there's a better way to do this. Any pointers will be great.
Thanks.
RV

Answer 1

The following text from Adobe seems to indicate that there is "more" with CS5.5:
(taken from: http://www.adobe.com/products/premiere/extend.displayTab2.html#REDSupport)
The RED R3D Source Settings dialog box in Adobe Premiere Pro CS5.5 offers extensive control over the look of RED raw footage. In conjunction with the ability to change color settings per clip, you can save combinations of adjustments as custom presets, which can be applied to individual or multiple clips. The controls in the Source Settings dialog box include:
Debayer Detail — Vary the level of detail extracted from the image sensor.
Chroma — Denoise the red/blue channels.
OLPF Compensation — Eliminate color Moire fringes by controlling the optical low-pass filter (OLPF) that refines edge detail.
Maximum Bit Depth — Use this global setting to choose between 32-bit float and 8-bit.
White Balance — Manipulate Kelvin, Tint, and Saturation levels.
Timecode — Select the timecode track to use from the R3D file.
Color Settings — Adjust the ISO setting, exposure, red, green, blue, brightness, contrast, and highlight levels.
Color Space — Select the desired color space from among Camera RGB For RAW; Rec 709, the standard color space for HD; and REDspace, which is a more saturated variation of Camera RGB.
Gamma Curve — Override the gamma curve selection using several preset gamma curves.
User Curve — Use a custom curve created by the camera operator.
Jim