You can change the HtmlDom background style, but that does not require Html5.
This maybe the best approach depends what your doing exactly.
You can obviously manually draw every pixel of a canvas element so for instance it's possible to process a green screen video by copying the pixels that are not green but this is very heavy but can be used in a limited way, some traditional js for that can be found here..
https://developer.mozilla.org/en-US/docs/Manipulating_video_using_canvas
Or draw a fill shape like I do with jigsaws pieces ( source googlecode jigsawx ) and then copy a square of image accross.
http://www.justinfront.co.uk/jigsawx/JigsawDivtastic.html
But as I said backgroundColor style is fairly light compared to pixel canvas processes, but I would suggest maybe using two div's just put a separate div below your transparent png. For instance this experiment uses just backgroundColor of div's ( source googlecode divtastic ) so every hexagon for the color pickers is constructed from lots of div's with backgroundColor set.
http://www.justinfront.net/divtastic/color_picker/ColorPicker.html
You can also use neko/php imagemagik to process png's backend so you could remove backgrounds on the server and send just a png to the browser, but I have never tried doing anything like this.
Hope that helps but maybe I did not follow the question?
<div id="haxe:jeash" style="width: 1000px; height: 560px; display: inline-block;" data-framerate="60"></div> <script>function winParameters () { return {}; }</script><script id="haxe:jeash:script" type="text/javascript" src="./Box2dhaXe.js"></script>
<canvas id="handCanvas" width = "280" height = "200"></canvas>
--
To post to this group haxe...@googlegroups.com
http://groups.google.com/group/haxelang?hl=en
<div id="haxe:jeash" style="background-color: rgba(0, 0, 0, 0)"></div> // <-- completely transparent bg
createdDiv.style.backgroundColor = "rgba(0,0,0,0)";
//or:
untyped createdDiv.style.opacity = "0.0";