This is the easiest way to change eye color in photoshop CS3.
[youtube="http://www.youtube.com/watch?v=RWr73zG0f3I"]
1. Open up the image
2. Pick up “fuzzy” brush from the drop down brush menu.
3. Choose the dodge tool on the vertical menu bar and selecting the range ‘Midtones’ and the Exposure (about 20%) just go around the iris (the colored part) of the eye.
4. Choose any color you want
5. For the color, choose Mode: Soft Light, Flow: 30%, and Opacity: 30%.
6.Then go over the iris of the eye like before.