Isolating a single Color

I have a wedding video I am working on and I want to color (or I should say retain the color) of some roses in a garden while I make the rest of the image black and white. I can do this in FCP and I think it can be done in Adobe Premiere, but can it be done in Liquid? What is the process called? Thanks for the help!

A. (Link)- First, place the identical clip on V1 and V2. One V1 clip, place a color effect and reduce saturation to zero. This is your black and white image. On V2 apply a chroma key effect and use the eyedropper to pick the key color, in this case the roses. Invert the key and adjust gain, lum and sat until you're happy with the results. Best results are obtained when color item is dominant in the scene and there are no other objects with the same color.
Larry Rubin
Senior Editor
The Pentagon Channel