How do I stop Camera Raw showing blown blacks as blue and blown whites as red in Photoshop Camera Raw?
In Camera RAW 7.0 you can just click on the little arrows on the top right or top left of the histogram display. The one on the left turns on/off the shadow indicator(blues), the one on the right turns on/off the highlight indicator(reds).
Alternatively you can use the keyboard "O" to toggle the highlight warning, and "U" to toggle the shadow warning.
More information about the indicators from Adobe: http://blogs.adobe.com/jkost/2013/03/per-channel-clipping-warnings-in-adobe-camera-raw-in-photoshop.html