breaking out components

Hi,

I'm not sure I understand Ch 8's Breaking Out Components (I'm probably a low intermediate user so forgive me if I ask silly questions). Can this be used on a B/W image to add color to it? Not sure if that's possible unless I first manipulate the original into 3 copies using Channel Mixer to 'create' RGB channels. Also, can this technique be helpful in bringing back color to a very faded image? I copy and restore photos (old and new) and sometimes I am asked to colorize a B/W image or recolorize an extremely faded color photo. Any help is greatly appreciated.