For the record, I open this to the public domain; you don't have to give me credit for this one measly line of code that I basically took from somewhere else...*innocent blink* (to be fair, I took what I found elsewhere and made it smaller and more useful...)

I did the screenshot so you could tell something was really underneath; this isn't the most practical code, however, because it doesn't allow for moving and whatnot; the "transparent" areas of the image are branded with what's behind it, no matter what's moved or changed. However, this should be circumvented by adding similar code in the onpaint event or something similar (this is pure speculation by me, though, and currently untested).

Without further ado, here's the code (If you can't copy and paste, here's a plain-text version of it):

'Put at the top, before the Form's class
Imports System.Windows.Forms

'Put somewhere in the Form's Class like any other Sub
Protected Overrides Sub OnPaintBackground(ByVal pevent As System.Windows.Forms.PaintEventArgs)
    pevent.Graphics.DrawImage(Me.BackgroundImage, New System.Drawing.Rectangle(0, 0, Me.Width, Me.Height))
End Sub

That's it! At some point, I will upload an actual test program, and even have a better screenshot, but this was done during a commercial of Star Trek IV...