Is it possible to have two overlapping PictureBox controls with transparent images?
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Trying to have to overlapping [`PictureBox` controls][1], I'm trying to make the transparent areas of the picture box let the controls below (in the z-order) being visible.

Even after [trying what Microsoft suggests][2], I cannot get the desired result.

This is what I currently have:

![enter image description here][3]

And this is what I want:

![enter image description here][4]

**So my question is:**

Any way to achieve my desired result with two `PictureBox` controls (or with another way) that overlap each other and let the transparent areas shine through?

  [1]: http://msdn.microsoft.com/en-us/library/system.windows.forms.picturebox.aspx
  [2]: http://msdn.microsoft.com/en-us/library/wk5b13s4.aspx
  [3]: http://i.stack.imgur.com/UvK5i.png
  [4]: http://i.stack.imgur.com/nTyOi.png