Go to Paint Edit > Color correction > Color manipulation to access this new tool.
It combines the functionality of several color correction tools (Color Balance, Brightness & Contrast, Saturation & Value, Color Replace) in one easy to use interface. Furthermore, you can preview the changes directly in the Paint and view windows.

You can also:
The Color Manipulation Editor has three tabs, described below. The PreView check box, available in all three tabs, lets you compare the current state of the image with the original one, by switching between them in the modeling window.
Sliders in this tab affect the entire image (all colors). You can control the Hue, Saturation, Luminance, Brightness, and Contrast for all colors simultaneously. You can adjust the Highlights, Shadows, Light Midtones and Dark Midtones independently, to be brighter or darker.
Sliders in this tab affect predefined portion of the image based on colors. It is useful to quickly change one general color into another.
The full color spectrum has been divided in 8 overlapping colors which can be simultaneously manipulated. The colors are overlapping as to not create hard breaks in the resulting image.
You can control the Hue, Saturation and Luminance for each of the eight colors.
This tab lets you select the color that you want to replace (Replace From), as well as the color you want to replace it with (Replace To).
The Replace From color can be specified as a range by adding several colors using the color picker. The Dropoff slider can be used to increase or decrease the tolerance for the selected colors.
The four buttons at the bottom of the window behave as follows:
Undoes all the modifications since the last “Apply”.
Undoes the last modification. You can press this button multiple times to revert modifications all the way back to the beginning.
Applies successive modifications without having to exit the tool. It bakes the resulting image and resets all the sliders to their neutral position.
Clicking on another tab at the top of the window also applies the last modification.
Applies the modifications as with the Apply button, but it also exits the tool. The last brush tool used becomes the active tool.