Going from...
to
Using: Photoshop CS3
I use selective coloring, so it's not really directly translateable. I don't think it's too hard, probably doesn't take more than 15 minutes (although if you're me and you play with a single bar in selective coloring for about 20 minutes, it'll take significantly longer).
A little image-intensive, but it shouldn't freeze you up.
Garnet Meets Selective Coloring For
ff_eye_candy :D