im=Import["http://hplussummit.com/images/wolfram.jpg"];
mb=MorphologicalBinarize[im];
cb=ChanVeseBinarize[im];
ia1=ImageAdd[ColorReplace[im,ColorNegate[mb]->Darker@Blue],mb];
ia2=ImageAdd[ColorReplace[RemoveBackground[im],ColorNegate[cb]->Darker@Red],cb];
new1=ImageCompose[ImageCompose[Image@Graphics[{Darker@Blue,Rectangle[{0,0},{120,240}],Darker@Red,Rectangle[{120,0},{240,240}]},Background->None,Frame->False,PlotRangePadding->None,ImagePadding->None,ImageSize->240],ColorReplace[ia2,Binarize[ia2]->Orange]],
RemoveBackground[ia1]];

ColorReplace[new1,Binarize[new1,0.95]->Darker@Blue]