Newb question: Save selected??

[RexD]

Soooo.... I try to select a single object from my user room and then save using "save selected", then open the single item for a merge (example:  I'm trying to save just a sign from the room, and then merge with a lettering file to make a completed sign, then re-import to the room I'm working on).  After "saving selected" and making a new title for the file, it's nowhere to be found when I try to re-open it for the merge.  Anyone ever encounter this?  Am I doing this completely wrong or is it just a glitch?