Trabecular bone structure has been shown to impact bone strength and fracture risk. In vitro, this structure can be measured by micro-computed tomography (micro-CT). For clinical use, it would be valuable if multi-slice computed tomography (MSCT) could be used to analyse trabecular bone structure. One important step in the analysis is image volume segmentation. Previous segmentation techniques have either been computer resource intensive or produced suboptimal results when used on MSCT data. This paper proposes a new segmentation method that tries to balance good results against computational complexity.