The BEST way to do it would be to cut a path around your object using the pen tool, then use the path to mask out the background. Layers and paths are the most important tools in Photoshop in my professional opinion.
Of course, if you're just working with some low-res web graphic that might be the equivalent of using a sledge hammer to crack a walnut, but I still maintain that my sledge hammer is better than your puny nutcraker.
Oh no, I bumped a week old thread.
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