In Photoshop CS6, the Color Replacement tool allows you to replace the original color of an image with the foreground color. The Color Replacement tool preserves all the tones in the image. The color that’s applied isn’t like the opaque paint that’s applied when you paint with the Brush tool. When you’re replacing color, the midtones, shadows, and highlights are retained.
The Color Replacement tool works by first sampling the original colors in the image and then replacing those colors with the foreground color. By specifying different sampling methods, limits, and tolerance settings, you can control the range of colors that Elements replaces.
You can use this tool in a multitude of ways:
Colorize a grayscale image to create the look of a hand-painted photo.
Completely change the color of an element, or elements, in your image.
The Color Replacement tool replaces the color in your image with the foreground color.
Eliminate red-eye (or yellow-eye in animals) if other, more automated methods don’t work to your satisfaction.