You can do this many applications in a huge variety of ways. The best way for me to do it is in Photoshop with masks. Basically make a mask of the image you want to work with, desaturate it (remove all colors, making it black and white), then edit out the detail you want to be in color with the black paintbrush.
If that's too complicated, you can always duplicate your main layer and erase the contents of the layer you want in color after converting it to grayscale.
I hope that helps... if you need assistance, IM me on AIM: p0intblank32