EDIT
hey i found a faster way, so scroll down to my other post, however it is not as detailed as this one, so if you dont understand something, look for answers in this post
/EDIT
Ok i wil write a small tutorial for you. Impromptu 
First part: image setup
Ok first we need to set up an image that would have alpha channel.
So open your image in photoshop. Now in the layer window there is another tab called Channels. Open it. Create a new channel, you should now have alpha channel. Now go back to your layers and select everything that you want to be visible (the parts that will be not visible should be not selected)You can use magic wand onto the background and then select-> inverse. Now get back to your alpha channel, make sure its the only one visible, and that its the only one selected. Now simply paint with your brush the selected parts. Where the color is white it will be transparent, black will be visible, you can also use say 50% gray, that would make it only 50% transparent. When you're done painting the alpha save to bmp.
Second part: creating the shader in maya
Close photoshop and open maya. Open your scene. Now go to hypershade
(windows->rendering->hypershade)
On the left side there should be a window with shaders(should be three windows in total, two horizontal and one vertical in the right side), if there is no third window, press the little button under the "file"(one with black and white squares))
1.Create a layered shader
2.Create a lambert (or any other shader, this one will be the material of your image)
3.Create a phong(or any other material, this will be the shader of your bike's body.)
4.Create a file
1.Go to textures tab and sellect your file, ctrl+a, assign your texture image to this file.
1.Get back to materials tab, right click layered shader and "graph network"
btw, you can move in this workspace like you do in the modeling viewports(alt+ mouse clicks and drag)
1.Go to texture tab and middle click and drag and drop your file into the work area (lower window)
2.Also drag and drop the two shaders
3.Notice the little arrows in the bottom corners of icons, hit the right one of your file, now sellect out alpha and then click on the shader for your texture, now select transparency-> transparency R, repeat two more times but connect out alpha to transparency G and transparency B(or connect out transparency to "default", this should open connection editor and you can do it all at once)
4.Now the same way connect out color of texture to color of shader.
1Sometimes layered shader sets itself to transparent, so go to its properties and set it back to not transparent if this happens.
1.Now adjust your bike shader however you want(change color and stuff like that) and connect this shaders out color to layered shader's color[0]
And while you are doing all this i will try and figure out the last part and post it ASAP.