PS CS5 - mask

If I have an area selected via the Magic Wand Tool, is there a way to tell Photoshop to "make the selection transparent"?

I need details steps.  Total noob.
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Tom KnowltonWeb developerAsked:
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JF0Commented:
Sorry I was a bit brief in that answer.

Layer > New > Layer > Layer via Copy or Layer via Cut

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JF0Commented:
CTRL+SHIFT+J  will create a new layer from your selection and remove it from the current layer. Or you can CTRL+J to create a new layer whilst keeping the original layer untouched. Then with your new layer you can adjust the transparency using the Layers panel.
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Tom KnowltonWeb developerAuthor Commented:
I should explain more.

When I did CTRL+SHIFT+J it took the area that I wanted opaque and created an area the same shape with transparecy.

I want the reverse effect.  I want the surrounding area around the image to be transparent.

We're close though.
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JF0Commented:
With the selection made you can inverse it using CTRL+SHIFT+I

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Tom KnowltonWeb developerAuthor Commented:
What are the corresponding menu commands for:

CTRL+SHIFT+J
CTRL+SHIFT+I
and
CTRL+J

??
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JF0Commented:
LAYER
LAYER
and
SELECT

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Tom KnowltonWeb developerAuthor Commented:
As in, New Layer From Selection?
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Tom KnowltonWeb developerAuthor Commented:
thx - got it working now!
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