That concept behind it is fairly easy, but you will run into a few problems. You would most likely create a few <div> tags and have them at the end of your html code, these divs will have a background image of the image you want to be fading. Then you can use CSS absolute positioning ot place them where you want. After that you could write a little javascript function that fades the divs and back. You could look through some of source code of
http://script.aculo.us/ and probably create your own function with what they supply. Finally you could just use the onload attribute of the body tag to make the javascript start when the page loads.
On problem I would be concerned with though, is that every element of a webpage is based upon rectangles. So even though you may have a star with transparent background, there is still a box around it that overlaps anything below it. The problem is that even though these boxes may be transparent, you can not click through them. Such as if there is a link being covered up by the bounding box of a star, even if it is transparent, you will not be able to click the link.
Sorry if that is a bit advanced, but it really is not that hard. Just a little practice and experimenting will get you what you need. What is also nice is that the
http://script.aculo.us/ code is fairly cross compatible and works on many browsers.