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2. Right click on the Rectangle Tool and select the Rounded Rectangle Tool
3. Now draw your box where you want it. You can move it around to position it accurately. Disregard the border since it will not show up on the finished product.
4. Once you've got it where you want, change the opacity level to make the square transparent. I would reccommend somewhere between 50% and 75%. For this particular image, I used 60%.
5. Add text and voila! You've just made a transparent blog =D