is there any way to do this?

well im a noob in photoshop and i was wondering if there was any way to make it look like this, heres what it is now:



and heres what i want it to look like but transparent so it jsut goes right on top or something like a logo, either that or make it so like the edges fold down so it looks like it 3D or is popping into the air?




sorry for the full page pic it was a screenshot lol....


anyway thanks ahead for the help

 

You can use lasso tool to cut out the tekst make a new transparent layer, paste it there and voila?