Open your black and white image in PSP. Make sure you have a 24-bit image of 16 million colors. Promote the image to layer. ("Layers"..."Promote to Layer")

Apply Mac's Remove White filter. ("Effects"...Plug-in Filters"..."Mac's"..."Remove White")
*NOTE* If your image turns black, undo and promote to layer first.

You should now have an image that looks like this: (image sized reduced for faster loading)

Use your magic wand tool set to a tolerance of 20 to select a part of the black on the design. Then select similar parts of the design. ("Selections"..."Modify"..."Select Similar")

Pick a color you would like your stamped image to be. Make a note of the RGB values by clicking once on the color palette. I chose Red 195, Green 161, Blue 199. Write this down.

While your image is still selected, apply the Emboss Works Color Tint filter ("Effects"..."Plug-in Filters"..."Emboss Works"..."Colour Tint") using these settings: (either highlight the sliders and use your arrow keys or highlight inside the little boxes and type in your RGB values)

While your image is still selected, add a drop shadow with Eye Candy ("Effects"..."Plug-in Filters"..."Eye Candy"..."Drop Shadow") using these settings:

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