Well, I am blown away by this one. If you are struggling with old master copies of outdated resources that have to be updated, or brought back to clean black and white life, there is a program that will read your scans or photos and turn them into editable word .doc files. It even preserves the original pictures.
The program is called Abbyy Finereader and it does all it says it does.
You can download a free trial on CNET, and if you don't have the hundred bucks, it is available for PC or Mac on thepiratebay.org