Clipping paths will work best with image elements that have a hard edge rather than a blend or drop shadow. For this example we will be saving as an EPS, though TIFF would work as well. EPS files are a good general solution for postscript printing. Turning the selection into a clipping path is a pretty easy 4 step process. First you'll activate the selection by loading it from the mask you saved, then you convert it to a path, make the path a clipping path, and save the clipping path with the image.
Channel drop down menu.
For more information on these settings, see Special Edition Using Photoshop 6, page 188-189. The Clipping Path dialogue will allow you to pick a single path to define the clipped shape of the image. Everything outside the boundaried formed by the shape of the path will be invisible. Go to the channels menu and drag the channel to the trash at the bottom of the palette. Use the defaults as appear in the options.