Thank you! I try to explain it in intuitive terms so people can grasp the underlying principles, which has been demonstrated to be better for learning and retaining the material.
Yes, when light enters a prism, it refracts and slows down and so the prism "splits" the light into its constituent wavelengths. You can think about it like this. White light is composed of all the wavelengths of light. Light of different wavelengths slows down to different extents when it enters the prism. This is because of E = hf = hc/lambda. The energy of the light is constant - that's conservation of energy. I just told you that the frequency is also constant because of the explanation above. And so for E = hc/lambda to remain constant, the speed of light - c - in the prism must change according to the wavelength. That is, the speed will change more for a higher wavelength than for a lower wavelength. That gives you the specific ordering of wavelengths of light coming out of the prism. Note, however, that I'm referring here to only the apparent speed of light, because the speed of light is constant in all frames of reference.
That brings me to my second point. The speed of light is constant in all reference frames. The reason the apparent speed of light is different in air versus water, for example, is because water is more dense and thus the light will "bounce off" the particles in water and take a non-linear path to the other side, although the sum of all light particles will have an overall directionality. Therefore, you would expect the apparent velocity of light to be lower in water than in air. Lower velocity = higher refractive index and this, of course, is what you observe. This, of course, relies on the particle nature of light.