wow...mafia.inc that is a very generous offer.
I would use the magic wand and just click on the white area. Depending on the intensity of your wand...just keep adjusting until you find the right balance of what the wand selects...then just hit delete and delete the white.
More than likely you will have to go around the edges of the cut out shape and clean it up a bit. Eraser works well for this.
You can also get into masking which is really the best way to do this...but that's a whole other lesson
Good luck. Photoshop is really a great program.
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