Lisha,
Don’t panic, the quick mask is only one way of doing this, and it’s button is on the bottom of the tool pallet. Then you just paint with a brush, click back to the program and you get your selection which you can save. Delete the background, (make sure your object is on a layer not the background).
At this point, I usually bring the psd file into FCP as a sequence rather than a targa file, and then copy and paste the layer(s) you want into your main sequence. This way you’re guaranteed aa transparent background. I have found that since CS2 and FCP5 alpha channels on Targas don’t always come across properly, so I have made the psd sequence thing a regular part of my workflow.