Sure thing -- in fact, it's quite easy!
Here's a hint to get you started: 300% or more zoom, polygonal lasso tool, take your time, and trace farther inside the image than you think you need to (in order to negate any "ghosting" or "glow" that may occur in the final image from keeping any pixels that belong to the background).
...and lots and lots of patience. If you've clipped the image out in under 20 minutes, to quote a LOLcat, "Yor doin it wrong." To do a great job, stay far away from the magnetic lasso tool -- that tool's only for quick-and-dirty jobs (emphasis on dirty).
I'm sure that there are some out there that can get the job done in under 20 minutes, but I guarantee someone who took their sweet time with the image will produce a FAR superior product.
1) Trace the outline of the bike first. Using VERY short lines with the polygonal lasso tool. Use the elliptical marquee tool for the wheels, then clean it up with the lasso.
2) Knock out holes in the wheels and wherever else they appear with the polygonal lasso tool and the modifier key that subtracts from the selection.
3) When you're done, make a path out of it with extremely tight tolerances so your work is saved.
You can check the quality of your work when you're done before you make a path by pressing 'Q' (I believe) -- this will turn everything outside your selection red-tinted, so you can see where your path isn't tight enough and letting background color/light/image through -- look for lighter spots around the edge of your path.
Once you've mastered this technique, you can go "advanced style" and simply use the bezier path tool to get REALLY stunning results. Don't start with this tool, though -- you have to go through the pain and time and work of using the polygonal lasso tool to really understand how curves work. If you simply start off with the bezier path tool, your final product will look like you used a pair of scissors to cut it out of a magazine.
Kinda like the Karate Kid -- you gotta learn how to wax the car (polygonal lasso) before you know how to fend off blows (bezier path).