Yes, Silver Efex is designed to back on to Photoshop or one of the other P/P software packages like Lightroom or Elements. I use P/shop CS5. Silver Efex is quite easy to use and certainly makes your mono photos "pop"
Getting the colour into the shots involves using a colour photo to start with, then when you transfer it to Silver Efex it automatically converts it to B/W. The colour is brought back with a tool that selects areas that you wish to put the colour back into and you can decide if you want it strong or weak with a slider control. Some colours do work better than others though so there's a bit of trial and error involved