Welcome to Chief Delphi!
The best way to start with the CMU Cam is to review the existing documentation, which can be found
here. . Some of it will really make sense only with the camera in front of you.
Remember, there is a LOT of information already existing. It takes time, but if you search carefully, the answers to all your questions already exist.
It is possible to calibrate the camera using Hyperterminal, for any color you like. The instructions focus on Green, because that is the color of the FIRST target this year.
As far as controlling the camera servos in Hyperterminal, I have not done that, so I can't help you there.
Good luck,
Don