Windows 7 keyboard shortcut to make current window transparent?

Question

Is there a keyboard shortcut or some kind of setting to make the current window transparent?

I go back and forth between windows a lot. If I could just make the window I'm looking at transparent, it would be nicer.

Answer 1

#Space:: ;Show windows under pointed-at.
    WinSet, Transparent, 25, A
return
#Space UP:: ;Restores window when you release the keys
    WinSet, Transparent, OFF, A
return

AutoHotKey can do it! No fancy glass effects, but the window goes transparent. That's on Windows Key and Space.

Answer 2

There is no built-in shortcut that comes to mind, only one that makes all windows transparent:

Win +               

However this isn't very useful for your situation.

Take a look at TweakWindow. It worked for me on Vista, not sure about 7. It has a useful "Make it Ghost" feature which not only makes the current window transparent, but also allows you to click through it: