So when light enters a different medium, the change in velocity is inversely proportional to the change in wavelength. When, for instance, looking at objects that are under water, do they appear to slightly be a different color?
Lets just take monochromatic light i.e., light of a single wavelength because the term light has several wavelengths in it with different frequencies and it gets confusing. For ex., red light which has wavelength around 700nm. So when red light travels from air to glass, glass being a denser medium, it will bend and change speed. And this phenomenon we call refraction. So how much will it bend and what should the velocity be, we will try to establish from equations.
1) refractive index n = c/v where c=velocity of light in vacuum and v=velocity of light in medium. The velocity of light in a denser medium can never be more than velocity of light in vacuum, so the c/v will always be greater than 1 i.e., n will be greater than 1 for any medium.
2) More the value of n, means denser the medium or lesser is the speed of red light in that medium.
3) v = frequency * wavelength tell us that if frequency remains same and if v decreases, wavelength must also decrease. So for red light traveling into a denser medium, we have established that speed decreases. So therefore it must follow that wavelength decreases as well for red light. Which means speed and wavelength are directly propotional, not inversely.
So now for the color aspect, visible light itself is a combination of so many different wavelengths (colors) and when this light crosses a medium, all these different wavelengths will change their speed and wavelength by different amounts (each color will have its own refractive index in that medium) and bend by different amounts (higher wavelength gives less bending, lesser wavelength gives more bending) giving rise to 'dispersion' which we see as different colors so things appear colored under water.
If you have access to TBR physics part 2, look at Example on the bottom of page 244. That will help explain things better than I have.
Hopefully I have not confused the heck out of you and myself included. If I have stated anything wrong, do let me know.