I went through the same thing last year. I was terrified!! But it's really not that bad. It does NOT mean you have genital warts - it is just the same virus that can cause it. HPV is also something that the majority of women get at some point in their lives. Usually your immune system takes care of it - if not, you can get changes in your cervix cells - these changes can be low to high grade, which is why they do the colposcopy.
The colposcopy is basically a more in-depth pap. They will take some scrapes of the inside of the cervix (sometimes deeper) and they may or may not take a small sample to biopsy. The doctor will spray vinegar on the cervix prior to the colposcopy, as this makes the cells more visible that they need to scrape. Afterwards, they put a gross paste on (to prevent bleeding) that will eventually discharge out (GROSS I know!). If they take a biopsy, you will feel a painful pinch. Aside from that, I didn't find the whole procedure to be much worse than a routine pap.
My colposcopy results showed that I had high-grade cells. So I was then scheduled for a LEEP procedure, where they use electro-cautery to remove the bottom portion of the cervix. This was painful, but not too bad. It feels like you have bad period cramps afterwards. I then had to follow-up with another colposcopy so they could ensure they had removed all the pre-cancer cells. Sometimes you may have to continue having colposcopies for up to two years (one every six months).
My last colposcopy was in January of this year - I couldn't WAIT for my results. And YAY! They came back clear of all the high grade cells! I can now resume regular pap smears at my doctor's office this December.
At the beginning of it all, it seemed really overwhelming and scary. But now, I realize it isn't that bad. I became aware that this is fairly common in young women.
I wish you good luck and I hope sharing my experience makes you feel a bit better. If you want to know anything more, of even just want someone to chat with, please feel free to send me a PM