use the elliptical tool, drag tool and hold the shift key to create your circle
Thanks jbm007 , that definitely answers the first part of my question. Any answer on the second part or my question?
For instance, The red microphone Icon is the screenshot below is its own lawyer (that black background is a different layer).
I want to select an area from this water drop photo below that is the same shape as the red microphone icon (So I can ultimately replace the red with the selected area of the water drop photo). Any thoughts on how I can do this?
Place the water drop layer above the red microphone layer.
In the layers panel Alt-Click on the border between the two layers so that a little downward arrow appears. This creates a clipping mask so that the water layer only shows where there are solid pixels in the layer below (i.e. your shape)
Finally transform the water drop layer so the drops are scaled suitably on the shape
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To illustrate what Dave has told you, this shows the layer arrangement with the water droplets layer above the microphone layer.
You can either Alt click the intersection between the water droplets and microphone layers, or you can right click the water droplets layer, and choose Create Clipping Mask
Which produces this
I remade the microphone as a vector object because I don't like working with tiny graphics
Works great, thank you so much everyone!