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Removing Text from Background and adding black border around text

I will start by admitting that I'm still "green" when it comes to photoshop, but I've learned a ton in such a short amount of time. But I'm in a huge bind with a customer and I need directions on two items. For some reason or another, I can't seem to find the right "tool" to separate the text, numbers and tattered American flag from the attached logo correctly. I've used the select tool, magic wand tool, etc but it's still not giving me exactly what I need. I feel I'm simply overlooking something that's so basic. 1. I need the text, numbers and tattered American flag from the attached logo with a transparent background first and 2. I need to also add a black outline to the text, numbers and tattered American flag from the attached logo. I'm really sorry for the long-winded note.