This has probably been asked before but what is the BLUE wire coming out of the speed controls case??? out of the box it is Zip-tied with the switch. Should i just cut it off or what???

Its for use with servo's that have External FET cables.
You wont need it

Can anyone give me a copy of the ownrs manual for this???

http://www.teamassociated.com/shusting/CatalogHub/manuals/LRPmanuals/QC2_Userguide.pdf

or http://www.teamassociated.com/feedbackresult/forms/oldmanuals.htm