procedure DrawTransparentBmp(Cnv: TCanvas; x,y: Integer; Bmp: TBitmap; clTransparent: TColor);
var
bmpXOR, bmpAND, bmpINVAND, bmpTarget: TBitmap;
oldcol: Longint;
begin
try
   bmpAND := TBitmap.Create;
   bmpAND.Width := Bmp.Width;
   bmpAND.Height := Bmp.Height;
   bmpAND.Monochrome := True;
   oldcol := SetBkColor(Bmp.Canvas.Handle, ColorToRGB(clTransparent));
   BitBlt(bmpAND.Canvas.Handle, 0, 0, Bmp.Width, Bmp.Height, Bmp.Canvas.Handle, 0, 0, SRCCOPY);
   SetBkColor(Bmp.Canvas.Handle, oldcol);
   bmpINVAND := TBitmap.Create;
   bmpINVAND.Width := Bmp.Width;
   bmpINVAND.Height := Bmp.Height;
   bmpINVAND.Monochrome := True;
   BitBlt(bmpINVAND.Canvas.Handle, 0, 0, Bmp.Width, Bmp.Height, bmpAND.Canvas.Handle, 0, 0, NOTSRCCOPY);
   bmpXOR := TBitmap.Create;
   bmpXOR.Width := Bmp.Width;
   bmpXOR.Height := Bmp.Height;
   BitBlt(bmpXOR.Canvas.Handle, 0, 0, Bmp.Width, Bmp.Height, Bmp.Canvas.Handle, 0, 0, SRCCOPY);
   BitBlt(bmpXOR.Canvas.Handle, 0, 0, Bmp.Width, Bmp.Height, bmpINVAND.Canvas.Handle, 0, 0, SRCAND);
   bmpTarget := TBitmap.Create;
   bmpTarget.Width := Bmp.Width;
   bmpTarget.Height := Bmp.Height;
   BitBlt(bmpTarget.Canvas.Handle, 0, 0, Bmp.Width, Bmp.Height, Cnv.Handle, x, y, SRCCOPY);
   BitBlt(bmpTarget.Canvas.Handle, 0, 0, Bmp.Width, Bmp.Height, bmpAND.Canvas.Handle, 0, 0, SRCAND);
   BitBlt(bmpTarget.Canvas.Handle, 0, 0, Bmp.Width, Bmp.Height, bmpXOR.Canvas.Handle, 0, 0, SRCINVERT);
   BitBlt(Cnv.Handle, x, y, Bmp.Width, Bmp.Height, bmpTarget.Canvas.Handle, 0, 0, SRCCOPY);
finally
   bmpXOR.Free;
   bmpAND.Free;
   bmpINVAND.Free;
   bmpTarget.Free;
end;
end;
Переведешь сам.