Can I re-create this effect in Color?

In a lot of the hi-def football coverage, the networks (mostly NBC, I believe) occasionally bump back into the game with a still shot of the game in all black and white, with just the a single color in the picture - like the yellow of the Packers uniforms, or the green of the Seahawks uniforms.

Can I replicate this effect in Color? Or does it require something more powerful?

I was thinking that using some garbage mattes and secondary color correction might do it, but I'm not good enough with the program yet to achieve this look. Any suggestions?

You can do it pretty easily in FCP - here's a tutorial : Pleasantville Effect

You could do the same in Color, using similar tools.