Once you have selected the area you wish to remain in color, use the "select" menu and chose the "inverse" option. This will select everything you want to be black and white.
Then use the "enhance" menu and choose the "adjust color" option. Under the adjust color menu you will select "adjust hue/saturation". This will bring up a pop-up box with slider controls. Set the saturation slider to -100 to remove all color from the selected area. If you need to adjust the lightness or darkness of the now black and white area, you may use the lightness slider for that adjustment.
NOTE Larger screenshots can be found here.


