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limey, Stroker's solution to save your selections in an alpha channel are "bang on"!   You can shut your image down... come back to it and load your "alpha channel" as a selection. Perhaps he didn't make it clear enough for you....

First of all, once you've got your selection made (marching ants) go to your channels palette and click on the "save selection as a channel" button at the bottom of the channels palette.  It's that grey square with the white circle. 

So, now you've saved your selection! Name it (to your liking) "selection 1" or whatever. Go ahead... save your image and shut down Photoshop. Grab some z's and then open up your image the next day.

Ah ha, you're thinking to yourself. [confused] Now how do I get that 'selection' that I saved back? Simple...  Go to Select/load selection/ and you'll come across a drop-down dialogue box that will ask you what you want to load? In this example, toggle down in the channel dialogue box to find the 'selection 1'  that you saved 

Give that a play with... very useful these channels (like a kinda secret storage/cache) !