I am by no means a Photoship viz kid, but I can hold my own in small one of tasks.
I had this old logo laying around - and wanted to use it on this new blog, however I wanted the background color of the places where the logo is shown to remain black (or at least too dark, to make it look as good as the above does on a white background)
I decided to quickly fix it in photoshop.
First I duplicated the layer, then double clicked on the layer icon and selected the blending option called "Color Overlay". Here I selected blend mode "Normal" (the default), an opacity of 100% and a color of complete white.
Next I wanted to keep the red dot, so I created a mask, and used the brush tool to paint black right over where the dot was, to make the layer beneath (the original) visible right there.
That is really all there is to it. I decided to make a quick (soundless - I was at work) video of it, and share it on youtube.