To add to the excellent info you have already been given,
you can take any texture (photo) in zbrush and create an alpha from it. I find it does a much better job of creating the alpha than I can get from photoshop. Then you can use the settings in the alpha palette that Aurick mentioned or take that alpha into photoshop to further add level changes etc if you prefer.
edit…you also have the wonderful option of intensity settings, and focal shift and alpha curves etc etc etc!!!
Mostly tho…i get away with taking…say a skin texture…loading it into the texture Palette, in that palette you have the option of creating an alpha, from there I use ref settings to soften the edges and use max to max outhe ranges for more detail and not have to bother with taking it into photoshop. I have created a great many pore and wrinkle alphas this way.
And as Frenchy pointed out…Zbrush is fantastic in it’s own right for creating alphas for skins or whatever you desire. It is really a fantastically self-contained program…there is almost nothing you can’t do in Zbrush.
experiment! That’s more than half the fun anyway!