Cyan, Magenta, Yellow
Cyan, Magenta
Cyan
CMYK

I have also changed the channel in the trees.
I have just sofened the colour and taken out the oar.
Here you can see just the boat is in colour, I did it by selecting the boat with pen tool and the aplied a new channel.

Pantone 1205 Duo tone...
Here I have changed the spot colour curves to make it look more vivid.
Here I have added another colour of pantone 708C so now both blue and pink have combined.
I used spot colour of pantone blue 280 C and this is how it looks....
You can change the colour but the image has to be grey scaled to use duo colours

Here you can see the pantone colours

Here you can see I have changed the swatches to PANTONE colour: uncoated

This is cool because you can have an image in RGB but you can see it in CMYK so you can still use all the filters and things in Photoshop.

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CMYK
RGB