This has been going around the various beauty communities of the web lately along with a lot of mis-information, so I gave it a go myself to show how lipstick can actually be used as a colour correcting concealer!!
I also try to explain the general idea behind colour correcting and colour-theory...
By laying a complimentary or opposite colour on top of a colour, you will neutralize it, place them side by side though and you will make them more intense or 'compliment' them!
Watch the video for the low-down...
Light Skin Tones; MAC 'Shy Girl' & 'Pure Zen'
Medium SkinTones; 'MAC 'Ravishing'
Medium Dark-Dark Skin Tones; MAC 'Morange'
Dark-Darkest Skin Tones; MAC 'Lady Danger'
(The above lipsticks are just shade suggestions and they are all MAC just because that's what I'm most familiar with! Feel free to use any lipsticks you like as long as they are somewhat similar to the shades shown above)
MAYBELLINE 'Fit Me' Concealer #15
VICHY 'Teint Idéal' Cream Foundation #15 Opal
MAX FACTOR 'CC Corrector' Stick Corrector | 'Mint Green'
MAC 'Prep & Prime' Highlighter Pen' | 'Radiant Rose'
LAURA MERCIER 'Secret Brightening Powder' #1
MAC 'Mineralize SkinFinish Natural' Powder | 'Light'
Hope it helps!