1. A method for processing MRI data employing virtual frequency selective inversion, comprising the steps of: receiving at least one MR image representative dataset and an associated phase reference dataset; deriving from the at least one MR image representative dataset and the associated phase reference dataset, a first component representing anatomical material having a first range of resonance frequencies associated with a first range of phase differences between the MR image representative dataset and the associated phase reference dataset and, a second component representing anatomical material having a second range of resonance frequencies associated with a second range of phase differences between the MR image representative dataset and the associated phase reference dataset; assigning different visual attributes to the derived first and second components; and displaying an image comprising at least one of (a), the derived first component (b) the derived second component, (c) a composite of the derived first and second components, and (d) a composite of the MR image representative dataset and at least one of the first and second derived components.