How do I cut out a shape from a layer?

[iRaad]

I made holes on the edges of the film, I'm trying to cut them out of the layer so they will be transparent, IE: If its laying on a red wallpaper, the holes will show red etc. How do I do this?

 

[NemesisWorks]

select them using magic wand tool, and press delete... or if they're on individual layers then hide them.

that's it.