So i took some shots with my 550D in RAW mode and on the display when viewing with the histogram screen areas which im guessing were overexposed are flashing white.
Viewing them on aperture the areas appear totally white. is there any way to correct this? What does it mean at a loss being a newbie.
Edit: crossed post with Tim - been making a cuppa
What you have discovered is the highlight alert over-exposure warning, known as 'blinkies' and it's one of the most valuable exposure setting tools. Blinkies are enabled in the menus and work in both JPEG and Raw modes.
The news may not be as bad as you think. The blinkies certainly flash on blown areas, but they also flash on areas that are
on the brink of blowing, as a warning. Furthermore, if you're shooting Raw, there is always a bit more highlight headroom available than when shooting straight to JPEG, so you may well be able to recover some areas that appear to be blown, but aren't quite.
With blinkies on (always a good idea) you will almost always find that they flash on some areas, even when exposure is correct - things like bright reflections etc, and often on bright skies. You then have to make a judgement on what to do about it - either leave it and let them blow if unimportant, or reduce exposure to bring the highlights down, though that may well under-expose other areas.
Unfortunately, correct exposure does not mean perfect exposure of everything and some subjects just have too great a dynamic range (range of tones from brightest to darkest) that the sensor is able record. Adding a graduated filter to over-bright skies is a possibility for landscapes, using fill-in flash for strongly back-lit portraits is another good technique.