Is there any term for it?

http://www.flickr.com/photos/iconia/78717029/

I'm guessing they desaturated everything first and added blue and red saturation where necessary.

I dont know if there is a name for it, it looks like its had quite a bit of work done to it. You would just have play around with an image untill you got it to look the way you want. There several ways within photoshop to acomplish this. Could be a combination of levels adjustment, saturation, brightness, masking etc. They may have used layers set as a screen or some other layers adjustment. It also looks like the lighter areas of the face have been blurred slightly.
It is most likely not one effect but a combination of several.
Chris

With the exception of taking the pictures yourself to set the lighting, make-up etc... I concur with Chris that it would take a combination of methods, most likely done in layers.

My guess is heavy retouching and the use of blend modes.

Looks to me that it was done with the makeup on the model, and the lighting for the photo, then manipulated slightly.

My guess is several layers and layer masks for each main feature, hair, eys mouth face and as someone else said blending modes which I have yet to get my head around lol,

I agree with bonestructure - looks mostly in-camera. This would be easy to do.

She's pale to begin with (look at her shoulder) and she has a pale makeup base on with vibrant lipstick, and bleached hair (which will often cast greenish-cyan shadows on itself, and the deeper it goes). Add to that some special attention with her mascara to alternate rows of black and pink to stick out.

A large soft source about 45 degrees  downangle from camera-right, and either a white board blasted with light behind her (to blow it ot), or we're looking at the the front of a large softbbox (there's a bit much spillover to seem to come from reflection - it might very well be the softbox).
That wouldn't need much postwork - just some CC and contrast adjustment to taste, but the rest is in-camera.

-Lew ;-)

This technique is called 'high key image'  and most of the work is done when shooting the photograph: loads of light. The bright colours in the lips are later adjusted in Photoshop.
Jacqueline