Originally Posted by: SpeckledJim... can anyone tell me how to remove the toggle switch. It's a bit of a tight spot to desolder in.[/QUOTE]
The serrated collar around the switch is actually a nut that is threaded onto the switch. There is a special tool available for those things, but most people just use a pair of pliers. Be very careful about it, so you don't damage the guitar finish. The collar is quite thin, so its hard to grip without scratching the finish when you turn it.

[QUOTE=SpeckledJim]Secondly, Can anyone tell me why my guitar makes loud buzzing noise when i take my hand off the strings?

The Guitar Nuts website has a very useful section on wiring. I strongly recommend that you study the >How It All Works< section to understand why stock wiring on most guitars is actually wrong. Then go to the article called >Quieting The Beast<. The instructions are based on a Strat, but the principles apply universally.