Fonzzy, it is way better to extract items in Photoshop rather than max software. In my opinion the e
Eraser tool is great to remove a little something that you don't want on an embellishmt, but to extract an entire object, the finished quality would not be very good, unless you have meticulously done it.
To change a colour of something etc and you want to save it as a PNG file, then as Letha said, right click and save as PNG, however the DPI is only 72, which is fine if it is just for personal use.
Kaye I have a photoshop elements 4.0 and used the magic wand and eraser to remove the rest of the unwanted stuff. I do have a problem of meticulously removing them it's really a hassle how I wish I can easily do it so it will not take my time.