I think that no one has approached the subject of color replacement tool.
It features in the Adobe Photoshop CS3 or latest versions.
My issue: I've been changing colors from green to blue etc without problem, they always look right.
However, the thing that I can't achieve is the color replacement from black to white. In other words, a natural white color can't be achieved from a black one; rather it looks gray and it's vice versa.
The invert mode too doesn't work too well.