I'm not sure if any meme for this exists, so I decided to start it up. (If someone already started this, please send me a link so I can join up!)
If anyone is interested in joining in, just leave me a comment. If I get enough interest, I'll make a little logo to make it official.
Color splash photos are those that have been converted to black and white, but one object (or several small objects) has (have) been left colored. Sometimes, it's easy to just isolate your colored object and you're done. Other times, as with my little leprechaun below, more editing is required. , such as adjusting color levels/light/shadow/etc. The flash left lots of little white spots on the shiny glaze finish of the leprechaun, so I edited most of them out.
So, if you decide to do this today, just take a picture of anything green! :D
And the color splash itself can be done on photoshop, elements, gimp, or even photobucket. There's plenty of easy tuts that can be found through any search engine.