Yeah it's pretty easy. I will assume that you've got 3 images, all of which are the same size. Two are your 'blend' images and one is your greyscale.
1) Create a new image file
2) Paste in both of your 'blend' images as separate layers
3) Click one of the blend images and click the 'Add layer Mask' icon
4) Select the layer mask and click the Channels tab
5) There will be 5 entries here, RGB, R, G, B and 'Layer 1 Mask' which will be currently hidden (no eye icon)
6) Show this layer by making sure it has an eye icon next to it
7) Now PASTE in your greyscale image
8) Click the eye icon again to remove the red mask
9) Go back to the Layers tab and basically the image with the greyscale mask should be the TOP image on the list (highest in the stack), with the second image below that. Non masked areas of the bottom image will show through.
You can paint directly onto the mask by un-hiding and selecting it in the channels tab and using various black/white tools (airbrush, etc).
Cheers,
Rich
Never trust a computer you can't throw out of a window