Is there a way to hide a facebook photo from everyone except one person?

[Cassie]

When someone tags you in a picture, all your friends see it immediately - it creates a news story on their walls. So chances are everyone has already seen it.

The best thing to do is to turn on "review tags before they appear on Facebook".
Go to http://www.facebook.com/settings?tab=timeline and turn that feature on.
When someone tags you in the future, you get to accept or decline that tag before it goes on your timeline. If you don't confirm tags they don't get added in the first place.

To remove the tag:
http://www.facebook.com/help/140906109319589

You can't change who sees it. All you can do is remove the tag. They won't be notified that you did it and they probably won't notice.