Is it possible to use a combination of PNG images (with transparency) as the graphic for a button control?

For example, let's say I have 3 PNG files: main.png, transparent1.png, and transparent2.png. I would like the button graphic to appear as though main.png had been rendered first, followed by transparent1.png on top of it, and transparent2.png on top of that.

I have a HBITMAP for each PNG file and am currently able to set the button graphic by sending a BM_SETIMAGE message.