Yes, this is just about one of the hardest things you can ask to do in Photoshop, (short of using it artistically, that is) but you know what? I like a good challenge. In order to help the whole learning process I'm going to show you a couple wrong ways to do it, and then the right way. If masks make you uncomfortable first watch my tutorial on masks, and then come back here.
Part 1
Part 2
Part 3
Part 4
Yes, this was supposed to be a 3 part tutorial, but I had more to say. These things happen.
This page got a bit hairy, but I'm sure you managed. Let's move on.