Is this enough for 1080p editing and color correcting?

Not natively. You will need to transcode to some form of intermediary codec. I have an overclocked desktop i5 quadcore running at 3.4G and I can just barely work native with one track and light color correcting. If I add any more effects or layers, it becomes a bit stuttery. Mostly still workable, but not ideal. I just hate transcoding.
 
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