In order to select the object you are interesting in you must find a way to recognize it. You can use the object color, size, shape features, etc. This way, after you binarize the image and extract the blobs with cvLabel, you can run through all blobs and can identify the one you want. But this depends on the particular problem you are working on, so you are not going to find a general solution.
The easier scenario is when you want to take the contour of the bigger object in the image. In this case you can use the function cvGreaterBlob, for example.