Had to edit this. Went off line for coffee.
Here's a good book on it.
Photoshop Channel Chops
What I do.....to make a mask is. If I'm working on a rgb image. Look into the channels(lets say the red). Duplicate the red channel to a new layer(right click the mouse on the red channel. Click duplicate layer). When the duplicate channel box comes up. I rename the alpha channel(let's say "Jennifer with chip on her shoulder") On the destination document, click "new". For name, I name it, whatever the mask is for. Click o.k. Apply a curve to it,(go to image>adjust>curves). Make the area you want to select"white" or "black"and the area you want to knockout the opposite color. Then use the magic wand to select the area........ This is just the start of the mask.. Some masks can be complex. Like, lets say the jennifer pic. Where its easy to use this method for selecting the hair,face,hand. When it comes to the sweater, its a different story. So in cases,........I should say images like this, after doing the above. In addition to this, go to quick mask mode and continue(you have to deselect the selection made with the wand) to paint on the image to finish making the selection(mask).... In the jennifer pic. It would be the sweater your painting on.There are other ways as well.... I would save this channel in a folder "masks".(I do this because their are photographers, who when they "flatten" images. They don't like to do "save as".....I guess, that's too hard). Naming it, whatever the mask is for..... psd., pdd. format, alpha channels. Then open the file ,load it, into the file its made for.
p.s. Man.... Posting this..... I don't think my first marriage,.....Lasted this long.