Here's the color editor. Yes you can specify a pure red easily with the RGB controls! You'll also be able to explore the HSI/RGB mapping and hopefully, better understand what's going on. When creating a gradient, you see the preview right here and your lights are also updated as you make your changes. Live preview!
Finally, you can select all your color attributes at the same time (hue, saturation, intensity) and simply select a color in your palette. One click! When selecting a solid color, the result is easy to guess. When selecting a gradient, the source's power will generate the transition from 0% to 100%. You can control the color transition very precisely and avoid turning around the whole color wheel!