Yes, the program can strip out all but, say, the red in a video clip. There is in fact a Hollywood Effect in the program called Red Noir that includes presets for that very effect.
Check out: color pass.
Sounds like what i want.....but.... can't seem to find it ....... Note: i'm using Premier Elements 11
Its Windows only, are you on a mac?
Yes on Windows
Workaround for the mac.
drop clip in v1 and add Black and White,
drop clip in v2 (superimpose) and add Chroma Key,
key out the color you want to leave in the final frame,
add Alpha Adjust and invert alpha.
If you want to leave 2 colors: add the chroma key again to clip in v2.
Made this tutorial years ago for Premiere Pro, but you get the idea:
That worked......AND...... in seaching for the Black and White option....i did see the Color Pass ..... LOL just didn't know what it was for.
thanks so much for you help and rapid response.