Making panels transparent?

Is it possible to give panels opacity so they are see through a little
bit? I have a background image on my mainform and I want to put panels
over it that you can see the background image still but at 50% opacity.
For a screenshot go to http://www.zero-6.com/1162006122545.JPG the
panel is outlined in pink, I want to be able to see the background
image through it. If anyone knows how I can do this that would be
greatly appreciated, thanks.

.

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