There is an updated, better version just published here:
https://youtu.be/bp_9GTKIpUk
Just a quick video to show you how to make a distressed or weathered effect in Photoshop.
You can download the texture photo here: http://tallfrost.wordpress.com/?attachment_id=10 I offer it free for personal use.
*** I am very sorry about how quiet it is. When I originally uploaded it, the volume was fine. After an update years ago, it got super quiet. Sorry. ***
Many people pointed out we could use a mask instead of deleting. Yes. It is preferable since it is non-destructive. I often just delete because I save them as transparent png files and then upload to places like cafepress and zazzle.