KColorEdit (KDE Color Palette Editor) is a palette files editor. It can be used for editing color palettes and for color choosing and naming. It supports KDE and GIMP palette files.
The palette files installed by KDE can be either system-wide or the user ones. The latter are in you private KDE configuration folders, and they are named "Oxygen Colors", "Custom Colors", "Recent Colors", "Web Colors", "Royal Colors" and "40 Colors" (this last palette belong to Qt). In KColorEdit, you may open all of these palettes, as well as palettes in arbitrary text files, for instance *.gpl (GIMP palette files).
KColorEdit belongs to Extragear module inside of Graphics package and is installed in the section of KDE Graphics of KMenu, this does not mean that KColorEdit belongs to the develop of the main module of KDE called kdegraphics, because it has a different release schedule.