With a little trickery and subclassing, we can make a picture box look and feel as if it was a transparent frame. For XP manifest lovers, I know how much frames are a pain; this could be a nice substitute. This project isn't overly commented, but it isn't very big either. Uses Paul Caton's excellent subclassing thunks. 27Jan05: Didn't refresh when frame size reduced by code. 28Jan05: Modified to allow a no border option.