I would like to have an X11 program with arbitrarily-shaped transparent areas using RGBA (so that whatever is underneath those area shows through) running on Cygwin/X on Windows 7.
Is this possible? If so, it is efficient ie the transparency gets mapped to Windows’ analogous support for opacity or transparency keys somehow (or in some other way)?
Yes, this is possible.
You might wish to take a look at the very experimental XtoW compositing WM.
This is ‘efficient’ in the sense that X window image with alpha channel is simply drawn into the native window.