I've created a tranparent overlay control to add a kind of annotation layer on top of a VB6 app. I'll attempt to describe it from memory, and if that doesn't provide enough information then you can post back and I'll try to dig up the code.
First, add a new USerControl to you application. Give it a name like ImageEx, PictureEx, or TransparntImage. There are several properties that you will need to use. Ensure the control is Windowed, so it can sit on top of other windowed controls. Locate the MaskColor property and set it to Cyan (or whatever color you elect to use to indicate a tranparent area. There might be an addition property enable the masking behavior, just browse the properties. Set the control background color to that of the MaskColor. At this point you have an invisible control. In my control I painted on top of the surface for annotations, but you can PaintPicture or maybe even set the image property for a really simple approach.
Of course, to make this a re-usable control, you will want to code in your own properties that allow the MaskColor and image, etc to be set so that you can the drop one of these on any form you want.
Some links:
MaskColor Property
MackPicture Property