In Vista and later you can use Glass, but for previous OS's it is a lot more complicated.
Using Glass in Vista:
http://www.codeproject.com/KB/vista/VGGlassIntro.aspxFor other OS's you will need to either create 2 forms (one with transparency and one without) and synchronise the two so that the non transparent one (which contains the controls)floats over the transparent one, or you will have to use a Layered Window and manually paint each child as it needs painting.
It's not C++ but there's an example of the latteron my Form tips page (although in Framework 1.1 there is no DrawtoBitmap() so you'll have to use WM_PRINT instead or other methods for controls, such as RichTextBox, where WM_PRINT is not supported.):
http://dotnetrix.co.uk/form.htm
Mick Doherty
http://dotnetrix.co.uk