We often use the shortcut Command-click (PC: Ctrl-click) on the name of the layer to create a selection around the text. By doing this, the entire text is selected. But what if you want to select only one or two letters? You should first digitalize your image of your menu by going to Layer, and then selecting Rasterize Type. Caution, do not get tempted to select the letter using the Magic Wand, it will leave away some pixels around the edges of the letter.

The proper technique is as follows:

Draw a very loose selection around the letter or letters that you want to select (do not touch the edges to select out of them). Hold Command (PC: Key+Ctrl) and press one of the arrow keys on the keyboard. The letter will be selected automatically without leaving away any pixels, which can now be in colored or moved, or anything else.