Adding this because I keep running into the same questions and using masking brushes is so easy. This tutorial works in PSP 7 and PSP 8/9/X.
For new icon makers, what is most important to understand is that when a layer is set to "blend mode Screen" and 100% "opacity," the color white will hide (mask) the entire base image. Adding a brush on the same layer, in the color black, will reveal the underlying base image in the shape of the brush.
Any gray-scale color between these two extremes will reveal or hide the base image in the layer. The lighter the gray, the more it will block the underlying image. The darker the gray, the more it will reveal the underlying image.
Once this is clear, I think using the brushes will make more sense and then you can start experimenting with them and move beyond the basics if desired.
+
= 
1. Once you have your base image, create a new raster layer set to blend mode screen at 100% opacity [screenshot]
2. Select the Flood Fill Tool and fill the new layer with white [screenshot]
3. Select the Paint Brush Tool [screenshot]
4. From the brushes, select the masking brush you want to use
5. Apply the selected brush, using a black fill color, to the same layer you filled with white
6. Ta da! An image with a fancier edge. Once you're done, click on Layers from the menu, and select "Merge (flatten) all," then save your new icon.
For new icon makers, using a new layer for each new effect you add to your icon makes it easier to move or alter them -- or delete the entire layer if you don't like the result.
For new icon makers, what is most important to understand is that when a layer is set to "blend mode Screen" and 100% "opacity," the color white will hide (mask) the entire base image. Adding a brush on the same layer, in the color black, will reveal the underlying base image in the shape of the brush.
Any gray-scale color between these two extremes will reveal or hide the base image in the layer. The lighter the gray, the more it will block the underlying image. The darker the gray, the more it will reveal the underlying image.
Once this is clear, I think using the brushes will make more sense and then you can start experimenting with them and move beyond the basics if desired.
+ 1. Once you have your base image, create a new raster layer set to blend mode screen at 100% opacity [screenshot]
2. Select the Flood Fill Tool and fill the new layer with white [screenshot]
3. Select the Paint Brush Tool [screenshot]
4. From the brushes, select the masking brush you want to use
5. Apply the selected brush, using a black fill color, to the same layer you filled with white
6. Ta da! An image with a fancier edge. Once you're done, click on Layers from the menu, and select "Merge (flatten) all," then save your new icon.
For new icon makers, using a new layer for each new effect you add to your icon makes it easier to move or alter them -- or delete the entire layer if you don't like the result.

Comments
So, are you saying that I have to put white on a new layer first
then pick a brushes and put on this white?
then put the flood fill tool which is black in same one (a new one) ?
right?
This is definitely a sign from the icon gods shoving me towards making some pretty icons, 'cause PSP tutorials are so rare. ;)
fufufu, I've been experimenting with PS7 for so long now, but I never actually found the way in using masking brushes --- Thank you sooo much for this! ^3^
Thank you for posting this tutorial - HUGE help!
Your work is fantastic, have downloaded lots of brushes if thats ok! I will credit in my resource post and on user info/
Liz