[Kathleen]

try
- Creating a new Hue/Saturation adjustment layer (that's the button with the circle where half of it is black and the other half is white) then bring the hue and saturation right down (in the window that pops up when you click that the button). Then use the eraser tool over the parts you want in color.

- Another approach would be using the pen tool to 'select' the area you want to keep as colored (or if you want to modify that coloring too... like 50% saturated etc.), then right click in the selection and choose 'layer via copy'. that new layer will be specifically that cutout to hover over the main image. now select the main image layer, and modify it's hue/saturation to nil to omit it's coloring, and the layer above will retain it's color.
you now then can select that above layer (that handband that you cut out and layer-via-copy) and you can then choose to modify that if so desired.