I don't use the Canon software, but in Photoshop etc, the Recovery slider will allow you to recover highlight detail, if it's still there. It basically takes the brightest parts of the image and brings them down. It they were not completely blow out (overexposed) you may be able to recover some detail in those areas. Although, if they are completely blown out...you won't be able to get that detail back.
Of course, there is a price to pay for trying to recover the highlights. Move the slider all the way and see what I mean. It usually doesn't look good for the overall image. I try not to use recovery very much, if I can help it. It's better to get the exposure right when shooting.