The Magnetic Lasso Tool is quite handy for selecting items along a high contrast border. The tool works by clicking where you want the selection to start (you don't need to hold down the mouse button as you draw) and then dragging along the high contrast line. The computer (more or less) automatically calculates where the line should be drawn. As you draw, anchor points are placed down at certain intervals to keep the line in place.
If the line begins to deviate, you can force and anchor point by clicking at the place where you want the line to go. If an anchor point goes down in the wrong place you can remove it by pressing the Delete key.
In the toolbar, you can set parameters for how the Magnetic Lasso Tool works. Width specifies how wide of an area to detect for edges. Contrast sets how strong an edge must be to be the one where the line gets laid down, 1% means barely any contrast and 100% means an ultimately strong contrasting edge. Frequency is how often an anchor point gets laid down. The only parameter I usually change from the defaults is the pixel width, I'll decrease the width if it is a real "edgy" image and the line is deviating all over the place, increase it if I am working on a high resolution image.
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