Europa Universalis IV: Conquest of Paradise Developer Diary 7: Colonial Diplomacy

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I meant french colonial nation. The situation would be two colonial wars at the same time - and i can only intervene in one.
The exploit would be with an european nation dowing two of the AIs colonial nations on the same day - before he could react. Than he can only intervene in one of the two. Is this possible?

You can't DOW two nations on the same day. You need to wait a month before starting a new war.
 
Also, will is be possible to conquer a lot of rivals' colonies and have it not give you insane OE? Would they automatically be given to your colonial nations and be cored?

If they're in the same colonial region as an existing Colonial Nation then yes they'll be given to that Colonial (and presumably auto-cored.)

If they're in a new colonial region, then I guess that if there's fewer than five of them, you keep them yourself until there is five in that region. No word on if that gives OE or not. Colonies now auto-core but they've not specified what happens to Americas land that's annexed. Perhaps that would give OE and you would have to manually core; but if so, I am sure it would be at some big discount. But it's quite possible it just auto cores in preparation for them to breakaway. It would kind of suck if they gave OE as they'll be of much reduced use to the overlord pre-breakaway, giving no tariffs/production and very low tax (unknown if they'll give normal TP / Trade Income.)