I have an Excel 2003 file that has a transparent picture embedded in a
worksheet. In most of my machines, the transparency looks fine. In
one machine, however, the picture has this grey background that
obscures the cells behind it. This grey background even shows up in
Print Preview and on hardcopy printouts. I cannot figure out how to
configure this PC to display the same as the others (unfortunately,
it's my primary PC).

I compared all of the Excel options side-by-side between the "bad"
machine and a "good" machine (and they're set up identically). I also
tried copying over the XLB file. I would greatly appreciate it if
anyone has any suggestions on how to fix this display issue. I'm
pretty sure it's not a GPU issue as I was able to get Excel to display
correctly on the "bad" machine when using an XP Virtual Machine.
Thanks