Could you provide a little more information so i can help drill into the problem for you? What isn't working right? The RadColorEditor is a simple, but powerful control that lets the user change the color of an item quickly and effortlessly.
To answer your second question, the control doesnt save the image for you. However it does provide the means to add in a screen capture method and capture the image in a SelectedColorChanged event handler.
I hope this helps you. If not, please reply with more detail about what you're trying to do and what isnt working.
I wonder have you ever worked it out? Whether the 3rd party image saving toolkit can help you save the "new" colored pic as new Image? I am not very sure about it. You can google it and have a try. Remember to check its free trial package first if possible. I hope you success. Good luck.