1. Code for a module

Public Const GWL_EXSTYLE = (-20)
Public Const WS_EX_TRANSPARENT = &H20&
Public Const SWP_FRAMECHANGED = &H20
Public Const SWP_NOMOVE = &H2
Public Const SWP_NOSIZE = &H1
Public Const SWP_SHOWME = SWP_FRAMECHANGED Or _
SWP_NOMOVE Or SWP_NOSIZE
Public Const HWND_NOTOPMOST = -2  

 Declare Function SetWindowLong Lib "user32" _
Alias "SetWindowLongA" _
(ByVal hwnd As Long, ByVal nIndex As Long, _
ByVal dwNewLong As Long) As Long
Declare Function SetWindowPos Lib "user32" _
(ByVal hwnd As Long, ByVal hWndInsertAfter _
As Long, ByVal x As Long, ByVal y As Long, _
ByVal cx As Long, ByVal cy As Long, _
ByVal wFlags As Long) As Long  

2. Add a commandbutton with following code to Form1

Private Sub Command1_Click()
SetWindowLong Me.hwnd, GWL_EXSTYLE, _
WS_EX_TRANSPARENT
SetWindowPos Me.hwnd, HWND_NOTOPMOST, _
0&, 0&, 0&, 0&, SWP_SHOWME
End Sub  

3. The ShowInTaskbar property should be set to False and the BorderStyle to 0-None.

P.S.: BitBlt could also be used, but I think this code is better!