Color and B&W

From: TD
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I have Photoshop 7 and would like to create a special effect but cannot figure out how. How do I create a B&W photo that has one element, say a flower, in color? I have a color photo and I want to convert it into grayscale but then be able to keep the color of the flower. I tried creating a duplicate layer of the original then converting one of the layers to grayscale. However, when I do this, both layers are changed to grayscale. I know there has to be an easy way that I'm missing. Thanks in advance for your help!!