For color correction, I am currently using my camera ( XH-A1) to link between my external monitor (A 20 inch TV) and my PC. Is there a device that can do the same thing?

Thanks

A video card with a 2nd video output. Then configure your NLE to use the 2nd display as your external monitor.

or Windows 2nd monitor - if you have that option

Canopus ADVC110 (http://www.canopus.com/products/ADVC110/index.php)