How do I properly use the alpha channel in 3d max to get par

[Letha]

In 3D max, how do you properly set up a planar object with a simple image on it, and get the alpha channel to properly display the picture without the other part of the picture you want becoming transparent also?

I can get an image to do it just a little, but it's only half transparent now, and self illumination doesn't help much...