Fetching - thumb question

I know someone out there has made the Fetching fingerless gloves from knitty. I just finished the last cable before the long rib portion and I figured I’d ask this now in hopes that someone can help before I actually get to the thumb.

Here’s the instructions for the start of the thumb section:

Next Round: [B]Using waste yarn, k7; slip these sts back to left needle and k them again using working yarn[/B]; work in 4x1 Rib as set to end.

I put the part that I’m confused about in bold. What do they mean, using waste yarn? Should I use any old yarn I feel like, or yarn that’s the same as I’m making the gloves out of?

And then the thumb part itself :

[B]Carefully remove waste yarn and place resulting live sts on two double-point needles[/B]; there will be 7 sts below the opening and 6 sts above. Attach yarn and k the 7 sts on lower needle; using a second needle, pick up and k 2 sts in space between upper and lower needle, k first 3 sts from upper needle; using a third needle, k remaining 3 sts from upper needle and pick up and k 2 sts in space between this needle and lower needle. 17 sts.

Again, confusing part in bold. How does one remove the waste yarn? Just pick it out? Do I put the live stitches on the needle as I go? When I remove the waste yarn, what will happen to the stiches above where I removed the yarn? Do I need to put a needle into those as well?

This is my first time making something semi-complicated and I’m surprised I’ve gotten as far as I have today, what with just casting on this evening. I’m hoping to be at the thumb part before I go to bed.

Use a non-sheddy waste yarn (cotton is good) in a contrasting color if you can (you aren’t likely to “lose” it, but it’s nice to see it quickly). Basically, you are going to have this waste yarn just hanging there, not fully attached to the glove, simply to hold the place where the thumb will be. I really thought it was a cool idea when I knit these!

Yes, you will have stitches both above and below the waste yarn. I had 2 needles ready, and as I slowly pulled out the wast yarn, I put the stitches on the needles as I came to them. I wish I had taken a pic, because like I said, I found this a very nifty way to hold the thumb.

As for removing the waste, don’t use too long of a piece, and you need to leave it “free” on both ends - so no slip knots, no knitting the tails in. Just leave a tail, start knitting, and leave the end tail too. When you’re ready, you just pull one of those tail ends, and it will slip out of the stitches.

Someone posted a tip about using thin ¼" ribbon. Any piece of smooth scrap yarn would work.

I didn’t make it to the thumb before bed last night, but I should today. I’m a little less nervous about it now, but since the thumb is pretty much the last part of it, I’ll post pics as soon as it’s done.

Crochet cotton’s good if you have any (for nearly all the times you need waste wool). Check out the KALs here and on Craftster, or search the archives for good explanations of this step.