Extract command like Photoshop

I use both PSP and Photoshop (I use PSP whenever I can) but sometimes, extracting an image from a photo can be time consuming and yield less than desireable results. I recently used the EXTRACT tool in Photoshop and WOW!!! - what a time saver to this tedious chore.

My question is this - is there anything like this available in PSP7 or PSP8?

Thanks in advance

There's always a better way. The fun is trying to find it!