Good news is, Photoshop 7 has the same setup
Open the image
Go to Image -> Adjustments -> Replace Color
You'll see the replace color dialog pop up. Use the eye dropper to choose black, move the fuzziness slider to 200 and the brightness to 100 and you should be all set
I attached a copy of the settings (ignore the 2% it shows in the middle)
Replace color works very well on solid colors.
- Noel