Hacking the menu of a nikon d40?

Is there any way to hack the d40 so i can use my color options as i shoot, instead of after? I'd like to be able to shoot in black and white, as opposed to using the retouch menu after the pic is taken.

Perhaps you should read your manual. You can shoot in black and white in a D40 without "hacking" anything.
It's in your shooting menu (camera icon)