I am looking to take an icon that is colored (and will be a link) and turn it greyscale until the user places their mouse over the icon (where it would then color the image)
Answered here: Convert an image to grayscale in HTML/CSS
You don't even need to use two images which sounds like a pain or an image manipulation library, you can do it with cross browser support (current versions) and just use CSS. This is a progressive enhancement approach which just falls back to color versions on older browsers:
img {
filter: url(filters.svg#grayscale);
/* Firefox 3.5+ */
filter: gray;
/* IE6-9 */
-webkit-filter: grayscale(1);
/* Google Chrome & Safari 6+ */
}
img:hover {
filter: none;
-webkit-filter: none;
}
and filters.svg file like this: