Photoshop :: Extracting Silhouette

I have an image that I would liked to get the shape from and enlarge to 24" (that is not the full-res image.). I am trying to extract the rings along with the torch, meanwhile making that pattern black and the background white. I can use the magic wand at certain tolerances to get it out, but, like the picture, the edges are not sharp, but pixelated. is there a way I can extract this shape but have very smooth and defined edges, even if the picture does not have them? im trying not to have to zoom in real far and use the lasso to outline the entire thing myself.

I might add that extract edges doesn't work too well on this image