PictureBox transparent

[SirPereira]

Here you have:
http://i43.tinypic.com/2i9pkp4.jpg


This is all my code for this form:

Public Class frmPreview
 
 
    Private Sub Button1_Click(ByVal sender As System.Object, ByVal e As System.EventArgs) Handles btn_AbrirFicheiro.Click
        OpenFileDialog1.ShowDialog()
    End Sub
 
    Private Sub OpenFileDialog1_FileOk(ByVal sender As System.Object, ByVal e As System.ComponentModel.CancelEventArgs) Handles OpenFileDialog1.FileOk
        AxWindowsMediaPlayer1.URL = OpenFileDialog1.FileName
    End Sub
 
    Dim x As Image = Image.FromFile(frmPainel.logo_path.Text)
    Dim WithEvents floatForm As New Form With {.FormBorderStyle = Windows.Forms.FormBorderStyle.None, _
                 .BackColor = Color.Cyan, _
                 .TransparencyKey = Color.Cyan, _
                 .BackgroundImage = x, _
                 .BackgroundImageLayout = ImageLayout.Stretch, _
                 .Opacity = 0.8}
 
    Private Sub frmPreview_Load(ByVal sender As System.Object, ByVal e As System.EventArgs) Handles MyBase.Load
        floatForm.Show(Me)
    End Sub
 
    Private Sub frmPreview_Move(ByVal sender As Object, ByVal e As System.EventArgs) Handles Me.Move, Me.Load, Me.Resize
        floatForm.Bounds = Me.RectangleToScreen(AxWindowsMediaPlayer1.Bounds)
    End Sub
End Class

Btw, with VB6 can I make it transparent with no problem?