Sometimes I also use magic bullet diffusion to change the look of the blown out highlights. Not much that can be done though much like audio distortion.

majic bullet diffusion?

"Reducing the white level slightly to bring it into range is about all you can do."

here's a step-by-step to get this fairly quickly

1) add Curves & CC (in that order)
2) CC - set Saturation to 0 (easier to see where the highs break)
3) Curves - unlock the upper-right Tangent and drag down slowly (try adjusting curvature too)
4) when done, go CC - set Saturation back to 1, set High Color Wheel to 118° (this is just a starting point), add enough Magnitude to give it some tone, then vary degree and magnitude to taste... (all blown-out elements in the shoot will now have this tint so moderation may be important: u may want/need to try 2CC instead, limiting via luma)

and as musicvid indicated, it'll still not look right... tho hopefully it'll not draw as much attention as before.

Much like audio that has clipped, there isn't much you can do.

Here are two different techniques I grabbed from the helpful folks on this forum.

Put 3 filters, a "Invert" (at 100%), "Color Corrector", "Invert" (at 100%).
Then lift up the gamma of the color corrector in the middle.
This darkens highlights first, in the logarithmic fashion, more like a "iris closing" way.
You can also put a color corrector secondary to select reds and lower the gamma a bit.
Dark or bright may also have to add or remove a bit of saturation on the color corrector filter.

OR

Duplicate the background layer into a new layer.
Put the new layer in Multiply mode. This will intensify the saturation of the image. Not enough? Duplicate the multiplied layer again, until you get the results you want.
Underexposed images are handled the same way except you put the new layer in Screen mode instead of Multiply.

Mike

try also using the gamma options in "Sony Levels" instead of color corrector in the middle on 2 inverts.

looks like gamma of color corrector lower the luminance levels only, while the gamma of "levels" lower the gamma in RGB

Look here.

j razz

"Much like audio that has clipped, there isn't much you can do."

Actually, there is software that can easily fix light to moderate audio clipping. You are correct in saying that there is nothing that can bring detail out of severely overexposed footage.