Do you mean sections time-wise? Or parts of the frame?
You can use keyframes to turn effects up or down at specific times so you could have the B&W effect only active during certain parts of the timeline.
If you want it applied to only one portion of the frame you can use Pan/Crop to specify a mask, apply the effect to that masked portion, then place another copy of the event on a track below without the effect.
If you're referring to something like having a rose and someone's lips still be red while the rest is B&W, do a search for 'secondary color corrector' as there have been lots of posts about isolated color.
What I would like to do it take certain parts of the frame and make it black and white while height lighten the other parts with color.
Like when you see a video where everything is black and white and only say the cloths are colored.
I think the last sentence of Chienworks' reply is what you should look at. I won't get into a thorough tutorial on the Secondary Color Correction plug, but there are several you'll find if you search.
If this is the effect you're going for:
This was done in less than 1 minute and it's sloppy around the edges. It can be much better.
The basics are - 1) use the eyedropper to select the color you want to keep. 2) click "show mask" and adjust the luminance, hue and saturation limits until the mask is only showing the object(s) you want to remain in color (this is where practice helps. Hint: don't adjust the center of the hue) 3) click "invert mask" and unclick "show mask" 4) reduce the saturation level and watch all the colors other than the selected one become B&W.
You can use multiple instances of Secondary CC if you need.
This method assumes planning for the effect before shooting. If there are other objects in the scene with the selected color that you DON'T want to keep in color, you will have to use masks. If the objects are moving, you may have a lot of keyframing to do, or move the clip to an app that can apply motion tracking to masks.
Edit: sorry for rushing through, but it's worktime - the eydropper mentioned in step 1 becomes visible when you click "select effect range". I should have mentioned that.