Looks good, planning on adding anymore?
Only point the two white stripes - are they supposed to stop at the front like that. And the white stripes seem to be different widths on the rear spoiler.
What program are you using, as buntas got a FZR skins kit (psd format) which helps so much with skins
Hope the rest of the skin goes well
Just free transform it. With the layer selected press Ctrl+T and you will be able to move it and resize it. I see you dont know Photoshop very well yet so you might want to bookmark this web www.good-tutorials.com If you have any more questions just ask.
You can use many different ways to do it. First one is to use the Magic Wand tool to select every letter then inverse selection and finally erase everything that is in the back. Second way is to use the extraction tool which takes more time. If you want to use it go to Filter and press extraction. Third way is to use Magnetic lasso tool trace around the letters and do the same as in way #1. I will make some screens to help you later. Got to go now.
I would make those stripes come all the way down the front of the car.
And for the logo...put it on the skin, then use the magic wand to select just the white part. Use either the brush or the fill bucket to fill in with the same color blue you used on the rest of the car.
You forgot one thing. Some kind of antialiasing or feather should be used, otherwise the edge will look bad. I don't know how to do it right, I just try to use as big decals as possible and then just "zoom" them to get the "quality" there