If I were you I'd take the watermark and using the magic wand, select the orange and cut it ( ctrl-x) then copy ( ctrl-a ) the cow and paste ( ctrl-v) it onto the photo and place where you want it. Then reduce the opacity on that layer you just pasted, to suit.
www2.b3ta.com/host/creative/47549/1237828032/holycow.jpg
(www2.b3ta.com/host/creative/47549/1237828032/holycow.jpg
Pasanonic 's been known to cause insanity in laboratory mice,
Mon 23 Mar 2009, 17:09,
archived)