Add 2 PictureBoxes. Call then Picture1 and Picture2. Load your picture (make sure the background is white) in Picture1.
Code:
Private Declare Function BitBlt Lib "gdi32" (ByVal hDestDC As Long, ByVal x As Long, ByVal y As Long, ByVal nWidth As Long, ByVal nHeight As Long, ByVal hSrcDC As Long, ByVal xSrc As Long, ByVal ySrc As Long, ByVal dwRop As Long) As Long

Private Sub Command1_Click()
    Me.ScaleMode = vbPixels
    BitBlt Picture2.hDC, 0, 0, Picture1.Width, Picture1.Height, Picture1.hDC, 0, 0, vbSrcAnd
End Sub
If the colour turns out a little "dark", then you must create a Mask for the picture and draw it on before you draw your original picture.