Mmmh... if ulead has multitracks and the pen tool, then you should be able to. Basically what you have to do is placing two instances of the same clip one on top of the other in your timeline. The bottom clip (the one hidden since it's behind the other) should have the black and white filter applied, whereas you should mask out what you want to have in color in the clip on the top. The result will be the one you wanted.

However, I'm not sure you can mask like that in ulead - if that's not the case, then you might want to do the masking in photoshop/the gimp/paint.net or perhaps changing the program, maybe switching to vegas or premiere (along with after effects, if you wish). But my suggestion would be getting gimp since it's free and should be able to allow you what you desire in any case.
PS: You'll have to do this frame by frame, but that's to be expected with any program.
