Try Installing window blinds. There is a checkbox for enabling transparent windows. You dont have to skin anything just check the box. I have not tried this myself. I have been too lazy to install it. I know the feature is there. Its worth a shot.

In Windowblinds (I am a registered user of Desktop Object), if you enable transparecy, it only activates transparent menus, such as the start menu, and the favorites, right click menus, etc....
 
The actual application you want is WindowsFX
it is made by Stardock (same company that makes windowblinds). It allows you to set certain applications to start semi transparent (you set the percent visible). Example: I set my download meter to start at around 60% visible, then set it to always be on top.
 
WindowsFX is only in beta form now (actually may be in alpha currently) but i think you can download a trial from download.com.
 
There are other programs that call upon the transparency, like Winamp 2.60, the plug-in that comes with it has an option for transparency....
 
Keep in mind, that although transparency is very cool, it slows your system down considerably.
 
BlaZeR2

Considerably is not the word. Try slows your system to a screeching HALT! Dag. I can live without transparency.
 
oh well. It was a cool idea though.

Or you can go to my page and download the tranceparency progie in the files section
 
 
 
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§E£DZÅR
http://www.win2knews.com

I just downloaded the transparency program looks great and it does not make any noticeable difference in terms of slowing my system down although i have just gone to a Dual P3 500 and it makes a big difference but yeah great program.
 
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MAC

i heard from the microsoft newsgroup that the transparency performance currently is highest with matrox, then the voodoos, then the nVidia cards.
I have an nVidia card on a p300. sob. but it still works okay, if you turn on any fading/sliding effects for menus.
 
regards,
Riz