Yes you can change college preference depending on the choice you select during execution of choices
If you choose choice 1 you are accepting the college  you were alloted to in the first round and you will not be considered for further counselling
If you choose choice 2 you hold the seat you were alloted to in the first round and will be able to participate in further counselling .Before second round you will be able to change the order of college preference but only  colleges which was above the college/course you were alloted to
If you choose choice 3 then you are rejecting the college you were alloted and all colleges except the college you were alloted are considered for next round you can change preference of these colleges
NOTE!!
YOU CANNOT ADD NEW COLLEGES ANY MORE

Hello aspirant,
I don't think so that you can change your college preferences after seat allotment has been started. You can obviously do so before finally locking your choices,once the choices are locked either by you or by the system you cannot change your preference order. The final seat allotment will be done on the basis of choices locked.
Best of luck

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