One way is to oopen the bitmap in a program such as Photoshop or Corel Photopaint, define a vector clipping path, export to EPS, and distill to PDF.
Another way is to use a feature of PDF called color masking, which is similar to defining a transparency color for a GIF image. The trouble is that I don't know of any tools out there that will help. I've only been able to do it through a bit of hacking.
George