On the Microsoft Office Packages, it includes a Form 2.0 Frame control, which you can package with your compiled project when you compile it. This frame control is able to use AutoRedraw and also I guess that you can make it transparent, by using Alpha channels, in the Frame control itself.

Also note: That this Frame control is named, frm20.dll, try searching for it on your Office enabled computer system. This version of the control appears in anything Office 95 or better.