Dropping out pixels that match between layers

Is there an easy way to drop out pixels that match exactly between two layers?

Here's a graphic example of what I would like to do:
<http://www.ericpuidokas.com/photoshop_question.png>

Sure. Compute the difference between the two images (using the "Difference" apply mode), then use the Magic Wand with Contiguous unchecked, threshold zero, on a black pixel. This will give you exactly the selection of the area to be dropped out. From there you can put your image on a layer, load this selection, and delete.

Ben

exactly what i've been looking for. thanks a ton :)