Colorado Wilderness Act of 2011

Colorado Wilderness Act of 2011 - Amends the Colorado Wilderness Act of 1993 to add specified lands in Colorado managed by the Bureau of Land Management (BLM) (proposed as the Powderhorn Wilderness Addition) to the Powderhorn Wilderness.

Designates specified lands in Colorado managed by the BLM or the U.S. Forest Service as wilderness and as components of the National Wilderness Preservation System (NWPS).

Designates specified lands in Colorado administered by the BLM, Forest Service, and Bureau of Reclamation as wilderness and as components of the NWPS. Incorporates such lands into the West Elk Wilderness.

Allows the Secretary of the Interior to continue authorizing competitive running events currently permitted in the Redcloud Peak Wilderness and Handies Peak Wilderness Areas.

Authorizes the Colorado Army National Guard, through the High-Altitude Army National Guard Aviation Training Site, to conduct aerial navigation training maneuver exercises over the wilderness areas designated by this Act.

Designates specified lands managed by the BLM as: (1) potential wilderness areas, and (2) as the Deep Creek Wilderness and the Pisgah Mountain Wilderness upon publication by the Secretary of a notice in the Federal Register that all nonconforming uses of such lands authorized by this Act for the conduct of such exercises and overflights of military helicopters in violation of the Wilderness Act have ceased.

Provides for the securing, adjudication, and use of U.S. water rights for certain of the wilderness areas designated by this Act.