[bscott]

It is possible to take a photo of a color or black and white negative import into Lightroom and process the photo into a correct print?

[gfurm]

Yes.

Import photos, go to develop tab and tone curve tool. Drag upper righ point all the way down and lower left all the way up. That will flip it from negative to positive. B&W areeasier than colour as you won't have problems with WB.
Bear in mind that all basic controls will flip as well, so if you want to increase exposure you have to drag it to negative value.

[Nuno Almeida]

It's a lot easier to work with bw, color negative have a tint unique to each film that can be a pain to fine tune.
Usually bw negatives, I do it myself, colour I prefer to have it scanned with proper tools, that I don't have

[Medex]

I have some advices for you, because I use Digital camera and Lightroom for film negative reproduction.
1. Use LED light source 6000-6500 K when you shooy color film negative (not 2700, 3200 or 4000K - it is not good sources - they produce too much blue color in the inverterd negatives).
2. Use custom WB in your camera. Set it using clear part of film (not exposed). And do not forget to make first picture of that clear slide - it will be good for setting WB in LR. +1eV for exposure.
3. Focus your lens on the grain in the film, use f8 manual aperture, focus in Live view at max magnification. Do not focus at open aperture - there is some focus shift (at least with my FA 100 f2.8).
4. Expose your film negative about +1eV (use histogram on the LCD screen to control exposure). I use Av priority and metering in whole frame.
5. Import pictures to LR.
6. Use DNG profile editor (download from Internet) to create a special Camera Calibration Profile for your DSLR. First you should export your DNG file to (e.g.) Desktop, then open it using DNG profile editor. After that go to Color Matrices folder and set Temperature slide to -15 percent (blue region). Export this new profile to the Folder in the Program Files -> Adobe -> AdobeLightroom ->Resources -> CameraProfiles -> Camera -> Pentax k-?? (your DSLR). Close DNG profile editor and LR. Reopen LR.
7. Then invert first film negative picture using Curves (if you do not know how to make it, try reading on the Net or the method described by GFURM in this thread), apply Pentax K-?? Color profile you created, adjust WB (use non-inverted picture of the Clear negative to measure WB [Temp, Tint], then copy them to the first allready inverted picture), adjust Exposure, Contrast, Blacks, Whites etc, Sharpness and create your own Presset.
8. Apply Presset to all negative pictures. In case you don't like colors, brightness etc., you can adjust them slightly and update the Presset.
I think you have question, why does the Pentax K-?? profile is needed? The answer is more freedom for the Temperature adjustment in postprocessing. If you don't use that Color Profile, in many cases your adjustments are restricted by 2000K temperature. And in many cases pictures are too cold (too blue). BTW, you should know, that after inversion of film negative in LR all adjustment slides (Temp, Tint, Exp, Contrast, Highlight, Shadows, Whites and Blacks) are operated in opposite direction (e.g. Blacks slide corrects whites etc. )
I have tried many Color Profiles, the best results for me is -15 percent Temperature adjustment in DNG profile editor. But you can try -10 percent. More than -15 percent sometimes produses strange red/orange colors after inversion.

[bscott]

Thanks for everyones suggestions and quick reply. You have given me more than enough information to begin the process.