Hi,
I could be wrong, but I don't think you can get the picture to be transparent (or semi-transparent). You can make a "Watermark" -like effect with WordArt on the sheet, but not with a picture.
One weird idea that may work for you is to copy your cells as a picture and manipulate the image. Possibly even a chart sheet would do it. Here's how:
1. Select your range.
2. Hold down the Shift key
3. Choose the Edit Menu Option
4. Choose copy picture.
5. Paste this picture of your data over the original picture.
I don't follow your second post, so I could be totally misreading your request.
Bye,
Jay