AlphaXP

I

Indyan

Contributor
AlphaXP is a powerful system enhancement that adds advanced transparency effects to any Windows 2000/XP computer. It has won many five-star awards for excellence and is regarded by thousands of users worldwide as the system enhancement of choice.

AlphaXP is the most advanced Windows transparency software available today. Many features have been incorporated into AlphaXP, including: three direct ways to set transparency, two automatic ways to set transparency, smooth fade effects, menu transparency, tooltip transparency, taskbar transparency, and much more! AlphaXP is also the only program to use Advanced Transparency, which is a set of special techniques that greatly improve Windows transparency.

Some of what AlphaXP can do include:
Appended Window Menus
Keyboard Shortcut
Transparency Button
Remember Settings
Fade Effects
Menu Transparency
Tooltip Transparency
Taskbar Transparency
Advanced Transparency
Minimizes to the System Tray
Advanced Menus
Skin Changer
And it is free

More info+Download link
 
y's shadow is the best imo, but can't do taskbar transperancy (don't like it anyway).

Otherwise it adds a shadow to every app/window, even the taskbar if you dock it to the top like macs (really cool) and transperancy to menus.
 
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