Making a Black & White Photo with a Little Color in Photoshop Elements

This tutorial is for @theleakysippy, but maybe others will find it useful too!
As a disclaimer, I don't claim to be an expert and there is probably a better way to do this, but this is fairly easy for me :)

First, here is my picture open in Photoshop Elements 8. I do any cropping, color, and lighting adjustments now.

Then I select the part I want to keep colored with the quick selection tool. (see the red arrow) It helps me to use the Refine Edges tool at the top right above the picture. It helps you see exactly what you have selected and smooth out the edges.

After you are happy with your selection, click Select (at the red arrow) and then Inverse (sorry it wouldn't let me do a screen shot with the menu open) This selects everything you don't have selected, or the part that will be black & white.

After you have the inverse selected, click Enhance (red arrow) and then Convert to Black & White

After that just push Ctrl + D to deselect everything and you're done!