What is colorize?

Some articles on colorize:

Film Colorization - Colorization Examples, Criticism, and Controversies - Entertainment Make-overs
... Other studios, such as Sony Entertainment, commissioned West Wing Studios to colorize several Three Stooges films for DVD release ... Their patented automated process was used to colorize around 100 films between 2003 and 2009 ... Russell, Terry Moore and Ray Harryhausen have worked with the company to colorize either their own films or their personal favorites ...
LNW-80
2 uses high-resolution graphics memory to colorize the mode 0 graphics ... This mode could be used to 'colorize' the standard TRS-80 games when loaded with special software ... Mode 3 uses low res character memory to colorize the high res pixels ...