Microsoft makes a big deal about Windows Vista's Aero environment, which includes transparent windows, but in truth that transparency effect is less than overwhelming: Only the window borders are transparent, not all windows have transparency, and you can't easily control the effect.
Crystal XP lets you make entire windows transparent and easily change the level of transparency as well. In addition, you can change the transparency for applications individually, something you can't normally do in Vista. And on top of that, the program has a nice extra, a display of your CPU usage (expressed as a percentage).
Note that this program, contrary to its name, works only in Windows Vista. It is still in beta, too, so if that seems risky to you, don't download.
Download Crystal XP (Free)