|Here is a screenshot of the effect in the video|
Firstly I had no idea how they had done this so I thought I would look through all the comments on the video itself. I noticed that the uploader had replied to someone asking the same question I was trying to answer and he said it was called "colour saturation". However he did say he did the effect on Sony Vegas which we do not have on the Macs at school. After seeing this I instantly googled it to find out if it was possible in FinalCut, sucess! I found a video tutorial showing exactly what to do to get this effect which was extreamly helpful.
Using this effect will add character to my music video, although I don't know which shot/s to put it over but when filming commences I am sure I will think of one. If I do get a live band to lip sync the song I could use it on the bands instruments similar to the orginal video which could be a great effect.