Help With Greyscale Please

How's it goin? I have the newest make of corel paint shop pro. I was wondering if any of you all would know how to take a colored photo, extract a section of it, and then turn the origonal photo into a greyscale, and the replace the colored section that I extracted earlier into the same spot on the greyscale. So the end result will be a greyscale with a color section. I can already use the magic wand to grab the section I want, I just need to know how to do the rest. Thank you for your time.

This was written for PSPX but the process is the same for the newer version:
http://teom.coningham.net/psp-x/greyscale-and-color

Wrote this about 7 but the basics still apply.

http://www.talkgraphics.com/showthread.php?t=27992