I believe Scarlet uses the same color science as Epic, so I'm not sure Color can read it, though I haven't tried. I finished a film last year in which I had lots of issues with RED files and Color. You might look over this blog post of mine for an alternate workflow that went quite well.
http://digitalfilms.wordpress.com/2011/11/12/red-post-for-my-fair-lidy/
- Oliver
Oliver Peters Post Production Services, LLC
Orlando, FL
http://www.oliverpeters.com