Extracting a logo

[yamibone]

Hi there, i am currently trying to exact the blue bike logo from this logo without any of the white background or the text. I am a noob to photoshop and need this bike pic. Can anyone tell me how to do it in photoshop cs3 ?

 

[ivoy]

Use the Magic Wand tool (tolerance set to 100% and checked "contiguous"), and click on the white background. Once selected - simply press the DELETE button on the keyboard.
Hope this helps - reps appreciated