FrmTBox.frm

 VERSION 5.00
Begin VB.Form Form1
   Caption         =   "Transparent Picture Box"
   ClientHeight    =   4140
   ClientLeft      =   105
   ClientTop       =   1605
   ClientWidth     =   5445
   LinkTopic       =   "Form1"
   Picture         =   "FrmTBox.frx":0000
   ScaleHeight     =   276
   ScaleMode       =   3  'Pixel
   ScaleWidth      =   363
   Begin VB.PictureBox Picture2
      AutoRedraw      =   -1  'True
      Height          =   4095
      Left            =   0
      ScaleHeight     =   269
      ScaleMode       =   3  'Pixel
      ScaleWidth      =   357
      TabIndex        =   0
      Top             =   0
      Width           =   5415
      Begin VB.PictureBox Picture1
         AutoRedraw      =   -1  'True
         BackColor       =   &H00C0C0C0&
         BorderStyle     =   0  'None
         ForeColor       =   &H00FFFFFF&
         Height          =   2775
         Left            =   720
         ScaleHeight     =   185
         ScaleMode       =   3  'Pixel
         ScaleWidth      =   257
         TabIndex        =   1
         Top             =   480
         Width           =   3855
      End
   End
End
Attribute VB_Name = "Form1"
Attribute VB_GlobalNameSpace = False
Attribute VB_Creatable = False
Attribute VB_PredeclaredId = True
Attribute VB_Exposed = False

Dim StartX As Single, StartY As Single

Private Sub Form_Activate()
    MousePointer = 11
    Picture2.PaintPicture Form1.Picture, 0, 0
    Picture1.PaintPicture Picture2.Image, 0, 0, Picture1.Width, Picture1.Height, Picture1.Left, Picture1.Top, Picture1.Width, Picture1.Height
    Picture1.Line (1, 1)-(Picture1.Width - 1, Picture1.Height - 1), , B
    MousePointer = 0
End Sub
Private Sub Picture1_MouseDown(Button As Integer, Shift As Integer, X As Single, Y As Single)
    StartX = X
    StartY = Y
    Picture1.AutoRedraw = False
End Sub

Private Sub Picture1_MouseMove(Button As Integer, Shift As Integer, X As Single, Y As Single)
    If Button = 1 Then
        Picture1.Left = IIf(X < StartX, Picture1.Left - (StartX - X), Picture1.Left + (X - StartX))
        Picture1.Top = IIf(Y < StartY, Picture1.Top - (StartY - Y), Picture1.Top + (Y - StartY))
        Picture1.PaintPicture Picture2.Image, 0, 0, Picture1.Width, Picture1.Height, Picture1.Left, Picture1.Top, Picture1.Width, Picture1.Height
        Picture1.Line (1, 1)-(Picture1.Width - 1, Picture1.Height - 1), , B
    End If
End Sub

Private Sub Picture1_MouseUp(Button As Integer, Shift As Integer, X As Single, Y As Single)
    Picture1.AutoRedraw = True
End Sub

Project Homepage: