That is nearly impossible to do. Musicians save separate files for each track, so they can alter sound levels and who's in who's gone. Once the musician exports a master file that is all those tracks layered, there is no way to separate the different sounds. The only thing close to what you are saying would be to use an equalizer. You could mute the bass with an equalizer, and leave only the high end. Or you could mute the high end and keep only the bass. That's about all you can do though with a masterfile. (or an mp3 made from a masterfile).
You might be able to talk the musician into letting you use the tracks. They email you a zip folder with the different tracks used to make the master file. Then you can remix and remaster it. Some artists allowed and like sending stuff like this out because it draws more attention to their music. After all if someone wants to do a remix of your stuff, that's a pretty big compliment. And there's no such thing as bad publicity.