Here’s a great little article on creating clipping paths in Adobe PhotoshopCS. If you haven’t made a clipping path in a while it’s great to brush up on these things.
DevArticles.com: Begin by creating a path. If you’re uncomfortable using the Pen tool, start with a selection and then convert it to a path. After the path is created, save it. Then choose Clipping Path from the Paths palette flyout menu and choose the path you saved.
Finally, for the path to be recognized in a page layout application, choose to save your file in either Photoshop EPS or TIFF format.