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If I purchase Illustrator does that mean I can edit an exsiting vector source file e.g colour ect,,
That depends on a number of things.
Is the original vector file Layered?
Is it an Illustrator file?
If so which version.....
Do you have any more info on this vector file that you can share, so we can try to advise you?
Technically speaking: yes you can.
Take into account (in addition to what Simmer mentions) that the file can be opened in Illustrator. Native files from applications such as Affinity Designer or Corel Draw cannot be opened directly.