Yeah I did it in photoshop, I didn't use CS3 I used Gimp but obviously it could be done in either one.
All I did was bring up the Hue & Saturation Menu and select blue and reduce saturation and then pull up Cyan and reduce saturation.
That menu is convenient because it allows you to control different colors individually. It worked well in this application because I liked the intensity of the red, but thought the blue was a little distracting, so I just changed the saturation of the blue and not the red.