Partial color on sony vegas pro 9?

I want to make a certain part of a clip in a video im trying to make one color, and leave the rest how it is, or better yet, black and white
this is the best example on what im talking about...
skip to 0:30
http://www.youtube.com/watch?v=S3LSgXOr20g
anybody know how to do that? Thanks!
 
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