Yes you can use CC for commercial purposes. It has been used in many commercial products already and I'd be glad if CC can make life easier for more people. You can do whatever you wish with the "output of ColorCorrect".
There are limitations to things you can do with ColorCorrect itself though. For example you can not try to sell it or modify it.
Thanks so much then! Of course I don't intend to sell or modify it. But I had a scene where Color Correct was used and I couldn't re-create the final render because I didn't have it. But now I can install and use Color Correct and re-use the scene too. Thanks again!