COLIMO stands for Color & Light Modulator, and it's a real time post-production tool that allows change materials over pre-rendered images, taking in account physical accurate reflections, refractions and GI bleeding.
For better understanding of what COLIMO does, you can see the next videos:
Overview I
http://www.vimeo.com/8634980
Overview II
http://www.vimeo.com/8319596