as for making a label transparent i don't think you can... I tried that before and had no success. Another idea might be to use a picture box instead. Those can be transparent fairly easily... A User Control class of your own might work well.
Why do you want the label to be transparent?
GDI+ is much better for that type of thing, I don't know of any tutorials myself but its prolly Google-able. I learned it the BackColor = Transparent way first, and it was hard to switch to GDI+ later for me, maybe it was just me
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