This paper describes an experimental technique for measuring the extinction cross-section of anisotropic nanomaterials. The experiments are performed by focusing a laser beam to a diffraction-limited spot under an optical microscope, and using a photoelastic modulator (PEM) to rotate the polarization of the light beam. Monitoring the transmitted beam with a lock-in amplifier referenced to twice the resonant frequency of the PEM yields the difference in extinction for light polarized parallel and perpendicular to the optical axis of the nanostructure. These experiments are the single particle analog of polarization modulation microscopy (PMM). Experimental results for gold nanorods and CdSe nanowires are presented that demonstrate the sensitivity and properties of this technique. In particular, we show that by collecting images at two laser polarizations separated by 45° it is possible to construct an extinction cross-section image. The advantages and disadvantages of the PMM technique compared to existing ways of measuring the extinction of nanoparticles (photothermal heterodyne imaging and spatial modulation spectroscopy) are discussed. Results from experiments where we collected simultaneous absorption and emission images are also presented for different shaped CdSe nanowires. These measurements provide insight into how the structure of the nanowire affects its photophysics.