That's right. Use your software to open the RAW image...it should give you the options to adjust things like exposure, white balance, saturation, sharpness, contrast etc.
You should then have your image as an output from the RAW software...it could be a Photoshop PSD file, or a TIFF file or a JPEG etc. Then you just edit the image as you normally would.
It's really not much different than editing a JPEG shot, except that you have to go through the initial RAW conversion step. It is that step, however, that gives you more leeway than if you were editing an image that was shot in JPEG mode.