Is it possible to make my Macbook monitor display grayscale instead of full color? How can I do that? I looked in the Displays preference plane "color" tab but didn't see anything that looked like it could do this.
You can set your display to Grayscale in System Preferences » Universal Access » Display » Use Grayscale.
Alternatively, the third party application Nocturne includes a monochrome setting that makes the display greyscale.