I'm not familiar with Photo Explosion Deluxe either. However, I looked on their website, and I did not see spot color / selective color advertised as one of their features. Is this something that Photo Explosion Deluxe is supposed to be able to do?
One thing that I did see was that Photo Explosion Deluxe is able to select an object and remove it from the background. Perhaps one thing you can do is have 2 copies of your photo: convert one photo to black and white, and use the second photo to extract the object from its background. Take this colored object and then inserted into the black and white photo.
I'm not sure if you're heavily invested in Photo Explosion Deluxe. If you're interested in doing this kind of photo editing, probably the most popular and powerful photo editing program for consumers would be
Photoshop Elements 10. You can usually find this for about $79-99, and sometimes even cheaper than this. There's a little bit of learning curve, but it does all the things that an amateur to intermediate digital photographer would need for post-processing photos, including things like spot/selective color, swapping heads from two different photos, accurate selection & extraction of an object in an image, etc.
The other advantage of using Photoshop Elements is that there is a huge user base for this program, so if you ever encounter any problems or need any help, people are more likely to give you step-by-step instructions on how to help you. There are also many many books about Photoshop Elements. There are many websites and discussion forums related to Photoshop Elements. There are many
YouTube videos that will teach you how to do things on Photoshop Elements.
Hope that helps. Good luck on your photo project.