HOWEVER when I open the waveform it does open with the color board on it and dont seem to be able to find out how to do this, is this because its not a feature of FCP5 but later versions or does anyone know how I can open it?
The tutorial is for Final Cut Pro X. Its a completely different program, with different features and a radically different interface, that replaced Final Cut Pro, which was discontinued after version 7.
You might want to search for tutorials on the Final Cut Pro 3-way color corrector. there are many out there.