Hmmm... yesteday I would have said that with out deathspores, life leach and his tenticles it would end up being a stalemate with Omega Red being hardpressed to do any damage to Punks body and Punk being hard pressed to overcome Red's durability and healing factor; but in Uncanny 499 Red penetrated Colossus durability with his fingers. He was digging into Peter's flesh with his grip... and that is impressive
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Whether or not Wolverine's claws can cut Colossus is speculation. The closest thing to it happening in canon is when Wolverine was under Dracula's control and scored Colossus chest with a glancing blow. Other than that all we know is that Colossus makes sure he avoids Wolverine's claws, so he seems pretty sure they'll get through.
Anyways the Russian Government was experimenting on Red, apparently he is hell'a strong now.
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Hold on hold on! Red penetrated Colossus's armor with his FINGERS? I know that he briefly used the death factor on him via tentacles, but he also did it with his fingers? Sweet. Can you post the entire fight for me PLEASE!? Or send it to me if ya can. Or even add it to the Omega Red respect thread. Im unable to do it at the moment due to not having the comic yet.