A lot of it comes to the lens, and in that area, SLR (removable lens) cameras excel, but some of the point and shoots seem to do a pretty good job as well. If your camera has a macro setting (usually depicted by a flower), you'll want to use that when taking pictures of individual corals or fish. Also, even though it looks kind of funny to have a point and shoot on a tripod, that can certainly help. Generally, your flash is not going to be useful since it's too close to the lens and will reflect off the glass, so you may have to disable it. As for the color, that can usually be corrected with a photo editing program like Photoshop (and many others). If it's too blue, you'll want to increase the color temperature. It works on the kelvin color temperature scale, so you're probably already familiar with that.
Many of the newer point and shoot cameras have a white balance setting. You'll need to read the users manual on how to set it, but in general, you take a picture of a white or neutral grey object, and the camera uses that to set the white balance. I take something white and waterproof (like a 5g bucket lid) and take a picture of it under the water, angled up about 45 degrees so it reflects the aquarium lighting. If you can do this, you'll generally get better color representation without having to fix it in post processing.