Is there any software that can fix wide angle lens distortion for video? Can a clip be loaded into photoshop to apply its lens distortion correction abilities? Or are adjustment layers the only thing you can apply to video?

How wide are we talking? Fisheye?

NewblueFX have a lens correction plugin and one of them is reduce fisheye but things do tend to still look a little odd. If its people especially but object and buildings you can possibly get away with it.

http://www.newbluefx.com/video-essentials-ii.html

I played with it last night in photoshop. Convert your video to a smart object and you can apply lens correction to the video. I'm going to try some wide angles on a wedding this weekend.