in this tutorial, you'll learn how to make something like it and turn this:

into this:

(I know The Pink Spiders are lookin' pretty young in this... here's what they look like when they don't have children posing for them)

first start off by copy and pasting the original image into PSP. if you want to use a different one, that's fine. you're going to want to duplicate the background layer, then right click on the background layer and promote it to a raster layer. select the duplicate and go to adjust - hue and saturation - colorize (SHIFT+L) and match your settings to mine (click for full view):

now, drag the duplicate layer below your original one. select your eraser tool and begin erasing the part you want to be black and white

when you do this, you might notice that some of your edges don't look realistic and precise. sometimes it's easier to use your selection tool, set as a freehand selection, to 'lasso' the areas you want erased. if you don't have a very steady hand, don't worry about it, you can always go to selections - modify - smooth.
when you're all done, your image should look something like this:

add some borders and some text, and you're done!