Applying...sticker/label to a spherical mesh? Shrinkwrap? UV? Any ideas?

I’m completely lost, I’m not the greatest with texturing, but I need to finish these Aunt Jemima grenades I’m working on…
I don’t think that transparency works in Blender for textures, but I’m not even sure…how to get a circular texture. Sorry…this is a pretty terrible question.

Transparency or alpha definitely works with textures. Materials/Texturing is a hard thing to learn, and very hard to perfect. Patience is required http://wiki.blender.org/index.php/Doc:Tutorials/Materials/BSoD

Ask a specific question, describe everything as if most of us spoke english as a second language (which a lot do), and provide reference images or renders showing what you are trying to do. I will help, and many more might as well.