Do you want to make the label (except for the text) transparent? Windows Forms (I assume WinForms - is this true) doesn't really support transparency. The easiest way, sometimes, is Label's Backcolor to Transparent.
label1.BackColor = System.Drawing.Color.Transparent;
You will run into problems though, as WinForms really doesn't properly support transparency. Otherwise, see here:
http://www.doogal.co.uk/transparent.php
http://www.codeproject.com/KB/dotnet/transparent_controls_net.aspx
http://www.daniweb.com/code/snippet216425.html
Setting the parent of a usercontrol prevents it from being transparent
Good luck!