Using clipping mask to delete the visible contents.

I'm trying to delete the visible image that is let through a clipping mask, so I can make the visible area (of the clipping mask) transparent.

I'm using a Pinlight setting with 75% transparency with a "grunge" image over text. I need the torn out areas to be transparent, instead of just white.

I'm not sure if this is even possible with photoshop, we shall see.

it is, but you'll need to have your layers above the Background layer, and turn off visibility of the Background layer. You'll obviously also have to save the pic in a format that allows transparency.