Is there a white balance feature in Photoshop CS4 [like in Lightroom]?

There is in Camera RAW.

White balance is something you set in camera or apply to a RAW file. Camera RAW is the RAW interface of Photoshop.

You can do all sorts of color balancing in Photoshop, if thats what you are asking for, but none of them can replicate the effect of setting WB on a RAW file.

it would be nice if there is a similar white balance tool that allows you to click on a neutral area to set the white balance of an image not opened from camera raw

(Thats great for removing a color cast, but not quite the same as setting white balance in a RAW file).

You can set a neutral gray via the gray color picker in Levels or Curves.

Just out of interest, raw is not an acronym, it is a simple English word and should be written "raw".

ya like raw fish...yum...

John,

That may be. I choose to write it in capital letters to distinguish it from raw as in 'that's raw' or 'raw fish'. Like I normally write TIFF or JPG instead of tiff and jpg.

Fair enough. The difference to me is that JPEG is short for Joint Photographic Experts Group and TIFF for Tagged Image File Format. A raw image contains raw (unprocessed) data.

No big deal though.