depends on the used editor for the field.
THe Editor property is the currentcell editor.
But this is a wincontrol, so if a TEdit is used check the classname or classtype for e TEdit descendent.
In a TEdit the proprties to select a part is SelStart and SelLength.
var
start, len: integer;
begin
start:=Pos(':',DBGrid.SelectedField.asstring,1);
len:=Pos(':',DBGrid.SelectedField.asstring,2) - start;
(DBGrid.Editor as Tedit).SelStart:=start;
(DBGrid.Editor as Tedit).SelLength:=len;
...
(Not tested just an idea!)