Draw fading text to a picturebox?

I am currently using DX7 in my program. Is it possible to draw text with a fading effect to a picturebox? I want the text to fade in, wait a few seconds, then fade back out.

Someone told me that I need alpha blending to do this, which apparently DX7 doesn't have. If fading text isn't possible, could I do the same thing using an image instead?

Thanks for reading.

Here's one possiblity -scroll bar at top will fade text in and out.

That's exactly what I'm looking for :D

Now how can I remove that black box around the text? Would drawing it over a transparent picturebox work?


EDIT: Never mind, I removed it with SetBkMode. Thanks so much for your help! ^_^

-Ed