Replace color with transparency

I have a jpg that is basically white background with yellow text and a logo. I am trying to figure out how to get rid of all the white in the jpg, leaving the transparent background so that i can take the text and logo and place it in a new picture.
Here is a link to the logo. http://www.easiersolution.com/logo.htm

thanks
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If you put a transparent layer behind the image and then cut out the white, I think you will be left with what you want. The hard part, in this case, is cutting out the white because of the drop shadow behind the logo. You may be better off re-creating the logo from scratch somehow.

I may be wrong though, there may be a very simple way to do what you want that I don't know about, but I hope my information helped you a little at least.

I think it's better to select letters first. It's very simple in your case. Copy your layer. Create 50% percent gray layer put it under your copy layer. Then select the blending mode for your layer Color. Now you have orange letters on gray background, no shadows. Select background with Magic wand (Use all layers checked and continguous unchecked) and delete it. Delete gray layer, it's done it's job. Now for shadows. Go to initial layer. Select letters layer transperancy, invert, copy. Deselect. Add layer mask, activate it and paste. Invert. Select layer contens and fill it with black. That is all. You have a separate letters layer and a shadows layer. Now you can put any image under them.