Color Splash Studio for the iPhone and Mac will soon be getting a major update (with a new UI and “exceptional” features) and Macphun has decided to give the app a whole new name (probably has to do with the fact that it sounds awfully similar to Color Splash – one of the first of its kind on the App Store). Basically, the app converts photographs into black and white and users can easily keep certain areas in its original color, thus give it a more dramatic effect. And this is where you come in. As part of the name change challenge, Macphun has invited you to come up with a new name, with the winner taking home a $500 gift card, a mention in all PR materials, along with 10 copies of the app and free copies of other apps by MacPhun. If you’re feeling creative and wish to enter, simply head over to the New Name landing page and enter the required details. The Color Splash Studio apps are well received on the App Store and currently on sale as well ($0.99 for iPhone, $2.99 for Mac).