If you can't use rgba due to browser support, and you don't want to include a semi-transparent white PNG, you will have to create two positioned elements. One for the white box, with opacity, and one for the overlaid text, solid.
body { background: red; }_x000D_
_x000D_
.box { position: relative; z-index: 1; }_x000D_
.box .back {_x000D_
position: absolute; z-index: 1;_x000D_
top: 0; left: 0; width: 100%; height: 100%;_x000D_
background: white; opacity: 0.75;_x000D_
}_x000D_
.box .text { position: relative; z-index: 2; }_x000D_
_x000D_
body.browser-ie8 .box .back { filter: alpha(opacity=75); }<!--[if lt IE 9]><body class="browser-ie8"><![endif]-->_x000D_
<!--[if gte IE 9]><!--><body><!--<![endif]-->_x000D_
<div class="box">_x000D_
<div class="back"></div>_x000D_
<div class="text">_x000D_
Lorem ipsum dolor sit amet blah blah boogley woogley oo._x000D_
</div>_x000D_
</div>_x000D_
</body>