Open an image you want to convert into a custom shape like this image:
select with the magic wand tool all the white spaces in the image. Then click on Select> Inverse. Select your path palette (it is located in the same palette as your layer palette, but different tab) and click on the tool for making working path from selection, see image below:
The next step is go to Edit and click on define custom shape. If you did this with a few other images as well you can save this shape set to Program files\Adobe\Photoshop\Presets\Custom shapes.
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Custom shapes from fonts
This one is also easy. Choose a nice dingbat font you want to convert into a custom shape for later use, without searchin for the dingbat type everytime. Add this type to a new layer in a new or excisting image. Go to Layer>Type>confert to shape and then click Edit>Define custom shape.
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Custom shapes from several excisting custom shapes
Open a new image and click on the cutsom shape tool. Select a shape you want to use as your basic image. In my case I've chosen a heart. Ad this shape to a new layer. Go to Layer> Rasterize> Fill content. Choose another shape you want to invert the image and add this into your previous shape. As you can see the overlapping area of the image is cut out. You can do this a several times with other shapes too if you like, but if you are please with the result click Edit>Define custom shape and your creation is added to your custom shape palette. This is very handy if you want to create outstanding logos.
