Hey Tim,
I would probably put the original color video on top and rotoscope the areas that you want to show in color. Then either animate the masks to reveal the color in your actor as he/she drinks, and/or use something like an ink effect video clip as a track matte for your color layer in conjunction with your animated masks to give it more of an organic liquid effect.
You can find paint and ink effects at stock footage sites, etc. but here is Andrew Kramer's awesome "Riot Gear" DVD with lots of ink and paint effects:
http://www.videocopilot.net/products/riotgear/
Here's a really good training DVD on rotoscoping by Pete O'Connell, which I own and highly recommend:
http://store.creativecow.net/p/74/advanced_rotoscoping_techniques_for_adobe...
-E