Here's an example that gets rid of the label background that I copied from
Karl E. Peterson http://www.mvps.org/vb
Anything you want yo make transparent, set color to vbGreen
Make a project with a form and put a label in the form
VB Code:
  1. Option Explicit
  2.  
  3. Private Declare Function GetWindowLong Lib "user32" Alias "GetWindowLongA" ( _
  4.     ByVal hWnd As Long, _
  5.     ByVal nIndex As Long _
  6. ) As Long
  7.  
  8. Private Declare Function SetWindowLong Lib "user32" Alias "SetWindowLongA" ( _
  9.     ByVal hWnd As Long, _
  10.     ByVal nIndex As Long, _
  11.     ByVal dwNewLong As Long _
  12. ) As Long
  13.  
  14. Private Declare Sub SetWindowPos Lib "user32" ( _
  15.     ByVal hWnd As Long, _
  16.     ByVal hWndInsertAfter As Long, _
  17.     ByVal x As Long, _
  18.     ByVal y As Long, _
  19.     ByVal cx As Long, _
  20.     ByVal cy As Long, _
  21.     ByVal wFlags As Long _
  22. )
  23.  
  24. Private Declare Function SetLayeredWindowAttributes Lib "user32" ( _
  25.     ByVal hWnd As Long, _
  26.     ByVal crKey As Long, _
  27.     ByVal bAlpha As Long, _
  28.     ByVal dwFlags As Long _
  29. ) As Long
  30.  
  31. Private Const GWL_EXSTYLE = (-20)
  32. Private Const WS_EX_LAYERED = &H80000
  33. Private Const LWA_COLORKEY = &H1&
  34. Private Const LWA_ALPHA = &H2&
  35. Private Const LWA_OPAQUE = &HFF&
  36.  
  37. Private Const GWL_STYLE = (-16)
  38. Private Const WS_CAPTION = &HC00000
  39. Private Const WS_THICKFRAME = &H40000
  40.  
  41. Private Const HWND_TOPMOST = -1
  42. Private Const SWP_NOSIZE = &H1
  43. Private Const SWP_NOMOVE = &H2
  44. Private Const SWP_NOACTIVATE = &H10
  45. Private Const SWP_SHOWWINDOW = &H40
  46. Private Const SWP_NOZORDER = &H4
  47. Private Const SWP_FRAMECHANGED = &H20
  48.  
  49. Private m_ColorKey As OLE_COLOR
  50.  
  51. Private Declare Function GetSysColor Lib "user32" ( _
  52.     ByVal nIndex As Long _
  53. ) As Long
  54.  
  55. Private Function CheckSysColor(ByVal ColorRef As OLE_COLOR) As Long
  56.    Const HighBit = &H80000000
  57.    If ColorRef And HighBit Then
  58.       CheckSysColor = GetSysColor(ColorRef And Not HighBit)
  59.    Else
  60.       CheckSysColor = ColorRef
  61.    End If
  62. End Function
  63.  
  64. Private Function MakeTransparent(ByVal hWnd As Long) As Boolean
  65.    Dim nStyle As Long
  66.    If hWnd Then
  67.       nStyle = GetWindowLong(hWnd, GWL_EXSTYLE) And Not WS_EX_LAYERED
  68.          If SetWindowLong(hWnd, GWL_EXSTYLE, nStyle) Then
  69.             nStyle = nStyle Or WS_EX_LAYERED
  70.             If SetWindowLong(hWnd, GWL_EXSTYLE, nStyle) Then
  71.                      MakeTransparent = CBool(SetLayeredWindowAttributes( _
  72.                      hWnd, CheckSysColor(m_ColorKey), _
  73.                      0, _
  74.                      LWA_COLORKEY))
  75.             End If
  76.          End If
  77.    End If
  78. End Sub
  79.  
  80. Private Function ToggleCaption(ByVal Value As Boolean) As Boolean
  81.    Dim nStyle As Long
  82.    
  83.    ' Retrieve current style bits.
  84.    nStyle = GetWindowLong(Me.hWnd, GWL_STYLE)
  85.    ' Set WS_SYSMENU On or Off as requested.
  86.    If Value Then
  87.       nStyle = nStyle Or WS_CAPTION Or WS_THICKFRAME
  88.    Else
  89.       nStyle = nStyle And Not WS_CAPTION
  90.       nStyle = nStyle And Not WS_THICKFRAME
  91.    End If
  92.    
  93.    ' Try to set new style.
  94.    If SetWindowLong(Me.hWnd, GWL_STYLE, nStyle) Then
  95.       If nStyle = GetWindowLong(Me.hWnd, GWL_STYLE) Then
  96.          ToggleCaption = True
  97.       End If
  98.    End If
  99.    ' Redraw window with new style.
  100.    SetWindowPos hWnd, 0, 0, 0, 0, 0, SWP_FRAMECHANGED Or SWP_NOMOVE Or SWP_NOZORDER Or SWP_NOSIZE
  101. End Function
  102.  
  103. Private Sub Command1_Click()
  104. Unload Me
  105.  
  106. End Sub
  107.  
  108. Private Sub Form_Load()
  109. 'setup label
  110.     Label1.AutoSize = True
  111.     Label1.Caption = "Click Me"
  112.  
  113. 'make transparent
  114.      'Toggle titlebar off.
  115.       Call ToggleCaption(False)
  116.            
  117.       m_ColorKey = vbGreen
  118.       MakeTransparent Me.hWnd
  119.      
  120.       ' Set backgrounds to green so they
  121.       ' become transparent too.
  122.       Me.BackColor = vbGreen
  123.       Label1.BackColor = vbGreen
  124.      
  125. End Sub
  126.  
  127. Private Sub Label1_Click()
  128.   Unload Me
  129. End Sub