if you are running 2000 or xp then you can dowload Coolmon and use the transparency settings. If you are using 98 or ME then you have to fake the the transparency by blending the system meter (Skinmem,Sysmeter 2, QX, Inhotus or whatever) with the wallpaper. Unfortunately Coolmon doesn't work with 98
you could probably do a custom sysmeter skin, it does hot pink transparency i think. you'd still have "bars" behind your text, but if you're using a bitmap font as the text bitmap it shouldn't be too noticible. ditto for qwatch. not sure about samurize, someone mentioned it here a while back but I haven't played with it.
try QX4.5 () Displays all your stats in text form. Easy to configure and making skins is also very easy, just 3 small bitmaps. Only problem I have with it is you can't display over multiple lines, all your stats have to be in one long line. "A frog is dead until it croaks"