Color Splash procedure

I never learned how to do the color splash method from anyone else. I found a way to do it on my own. I was just curious if my way is the correct way to do the color splash.

1. Select the object you want to stay colored
2. Cut pixels
3. change mode to Grayscale.
4. change mode to RGB
5. Paste pixels.

This is very simple to do provided you can make a good selection, and works by using a color to start with. Is this the correct way to do it or is there another way.

Hmmm - I'm not really familiar with this proceedure but I'll try to do some reasearch on it.

Anyone else?

Thx
Marko