Every image editing tool has a basic black and white conversion option, but the results aren't always pleasing or easy to adjust. Using Photoshop's layers tools can make the process easier.
Photoshop guru Helen Bradley details an approach to converting to black and white that can be used in either Photoshop or Photoshop Elements, and which offers a closer view of the process than the built-in Elements tool. Black and white can still be a useful way of fixing up concert shots, though if you don't want to fuss too much Picasa does quite an acceptable job.
An Adjustable Black and White Conversion [Project Woman]