I am trying to make a pictures blue background transparent like a Chroma Keyer


heres the test image

http://img407.imageshack.us/img407/6439/testhb1.png

I would like to make the blue part transparent ;[

i've tried


Code:
        SetStyle(ControlStyles.SupportsTransparentBackColor, True)
        Me.PictureBox1.BackColor = Color.Transparent
but we know it won't work anyway.

any ideas?