I figured it out. I actually had to get the latest version of Irfanview (a freeware graphics viewer/editor/converter/thingy). Turns out it is very easy to do and I highly recommend using Irfanview for creating PNG's with a transparent color. All you do is choose to save as a PNG and it asks you to click on the color that you want to make transparent. The nice thing is that the interface for picking a color shows you your actual image. This method may be way quicker than using Paint Shop Pro or Photoshop.
He's evil, but, he'll die. I like it.
