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James Cameron has been asked this a few times in the past weeks to the release of the movie, and he has said he did not want to change anything about the movie past adding 3D. However, it seems he admits to making a change while interviewing with a British magazine Culture. James Cameron resisted temptation to cut scenes he was no longer happy with when ...
The Wikipedia article for the movie states that: The original American release of the film shows Hammer and Velda escaping from the burning house at the end, running into the ocean as the words "The End" come over them on the screen. Sometime after its first release, the ending was crudely altered on the film's original negative, removing over a minute's ...
He re-rendered the stars in the sky over the sinking ship to make them accurate. http://news.discovery.com/space/neil-degrasse-tyson-tightens-titanic-accuracy-120402.html (and widely reported elsewhere).
Read the 4th paragraph down in "The Movie Itself: Our Reviewer's Take" section; there is rumored to be a 3 hour version, but given the failure of the movie to break through at the box office it is unlikely that version will ever be released.
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