Photoshop :: Oddities About Pasting Images

lets say there is this image, and I want to make a selection. That selection, I want to quicky turn into a new image. So, the way I did it was:

1. Press S.
2. Drag Selection.
3. Press CTRL+C.
4. Goto FILE > NEW
5. Create 1x1 image.
6. With new image selected, press CTRL+V to paste it into image (auto fits)

In Paintshop Pro, all you had to do was:

1. Press S.
2. Drag Selection.
3. Press CTRL+C.
4. Press CTRL+V.

(CTRL+V would "PASTE AS NEW IMAGE") Which worked perfect. And in PSP CTRL+E would "PASTE INTO CURRENT IMAGE / SELECTION", which seems to be the current CTRL+V function for PS.

Am I taking too many steps here? Is there a way to do this more like the PSP way?

Another short example, I had text that I wanted to manually adjust the kerning. I had to:

1. Press L (for Lasso)
2. Dragg Selection
3. Instead of the Click-Holding inside this new selection to move the contents over, PS moves the SELECTION over. I tried ALT, CTRL and SHIFT variants but they don't move the selection's contents like I'd want. So I press M (for Move).
4. Move the item.
5. Goto Step 1 for each of the letters I want to move.