Windows opacity / transparency application (but leave the fonts alone)

Factual Questions
1

I have tried many transparency tools in XP and Vista but none appear to offer this feature:

I want the background to be translucent but I want the foreground to remain a solid color. I.e. the font.

With all the tools I’ve tried, the whole window goes translucent. This is fine for somethings but if I want to type up a document while monitoring what’s behind it, I can’t do it without losing sight of the text I’m typing!

Does Win7 offer this at all? Anyone heard of a utility that can do this?

Thanks!

2

After looking through another stack of utilities I’m convinced I may have to write my own. Right now it looks like it’s all or nothing as the utilities have no way of knowing what widgets inside the application should be transparent or not.

3

Have you thought of using two monitors?

4

This is more of a cosmetic thing… I want to be able to see right through to my cool wallpaper man!