I know there has to be someone here that could tell me how this color correction was done!!

And also how is the light flash done at the 5 second mark

Adjust for low contrast and then tint, pretty easy. In FCPX you'll adjust contrast with the Exposure controls. Then tint with the Color "Global" contril. Keep an eye on the Luma Waveform scope when adjusting contrast.

My new color grading tutorial covers all of this. Explains things differently than most color gradin tutorials do.
www.macprovideo.com/tutorial/finalcutprox205-color-grading

In the FCPX effects browser in the 'looks' section try the 'cast' or 'cold steel' grades they also might help you get someway there.

and the flash?

just keyframe the Gain over a few frames.

Try Flashing in the Effects browser, though it'll need adjusting down to match your example. Dial down to around 30% from the Flashing effect item in the inspector.

The Cast effect would do the tinted look quick and easy, with limited control. It's pretty nice.

You can't get precise control with the Flashing effect, as it just flashes ever few frames and such.

The flash can be done without a filter and with very surgically precise control, and with many more options to tweak the look.

Grab the clip, Option-drag it above itself so you have two copies.

Trim the top copy to the section you want the flash to be in. Or leave the full length of the clip if you want to repeat this or a similar effect in other places.

Change the top copy's Blend Mode to Screen.

Then keyframe it's Opacity from 0% at the start, about 4-6 frames later to 100%, then about 4-6 keyframes later back down to 0%.

This allows you to do all sorts of additional things to the effect with filters on the top copy, color grading it, etc.

Thanks man!! this was the exact answer i was looking for, with this little hint, i was able to learn what i was looking for and alot more! keep it up people like u make me wanna stay active.