Yes you could use the Polygonal lasso tool. Just trace the area and then select delete.
For example:
A car window -
Trace around the glass only with the lasso tool, then select delete will remove the added colour layer provided you have that layer highlighted.
you can also lasso around the whole car bodywork (remember you can use the Shift Key + to add more selections before deleting), once selected seletc Inverse which switches the highlighted arear to everything outside of what you highlighted, then use the delete key also.
This works if you create a new layer in a different colour, then using the above the whole of the bqackground is then removed.
The main thing to note is that the way I have shown you above is one way of doing it, it really depends if you are doing it for a living or just to see how something else looks (wheel/bodywork etc).
To be done very well takes some time.
The easiest way is perhaps to use the colour change option.
Just highlight the bodywork for example with the +wand then goto the hue settings and move the slider, you may or may not need to add or subtract some of the colours depending on the result you see. this is a little bit more complex to get right as it depends on the whole picture i.e. the same colours in the background will change too.
Hope that helps.
***Edited***
I may do a tutorial when I get a chance of the Colour Change option.
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