OK, first, I want to say that I have found several threads for what I am searching for but none of them achieves the result I want. One close but the problem is that the controls in the form are not shown but still answer to mouse events. So here is my question and request:

I would like to set a PNG image as a form with it's alpha channel (Transparency) but see the controls on the form. The one I found was using GDI+, which almost does what I want but I would like to know if it is possible to do this using DirectX if it would solve the hidden controls problem.