GFX Help

Are you saying you want the white background to be transparent?

http://puu.sh/2T7BV.png

See background, and background copy? Right click whichever layer is the background, which I am assuming is your base layer. Anyway, right click then hit duplicate layer, then the original background layer hit the eye, so it hides it from sight, then on the copy of the background go to opacity and change it to whatever you want it to be?

*Edit* Or are you saying, you want to take something out of an image, and make everything else around said something transparent?

Your link is broken.

http://puu.sh/2T9FU.png
http://puu.sh/2T9HB.jpg

Use the tool I show in the first picture, the elliptical marquee tool, make it fit. You might have to play with it a little, and draw a bigger circle, but yeah. Once you do that, and it fits right click inside the circle and hit "Layer via cut", and then delete the "Background", and you're done.

Magic wand tool is terrible and you should be ashamed.

I like to use the Quick Selection Tool. It's simple, quick and effective.

Okay firstly, remove and background from the item you want in your case the wand, just use magic eraser or what ever. Secondly save the file as a .png once it is complete your image will have a transparent background.
@Commanderr

Magic wand does wonders <3