opengl.. newbie

I am trying to write a component derived from the TWinControl that simulates
TLabel functionality using Bitmap text. I have followed some links and
advice from this group to create the component, but I am having difficulty
with the transparency. Do I have to take a snapshot of the background and
merge the two images, or can I clear the window and simply write the text...

I am also interested in applying drop shadows and bevels to the text, but
perhaps this is a little too ambitious at the moment..

Can somebody suggest where I may look.

void __fastcall TTelLab::DrawLabel()

 glRasterPos2f(-0.45f+0.05f*float(cos(cnt1)), 0.32f*float(sin(cnt2)));

  PrintText("Text - %7.2f", cnt1);


void __fastcall TTelLab::PrintText(const char *fmt, ...)

 if (fmt == NULL)    return;
 char  text[256];
 va_list  ap;
 va_start(ap, fmt);
     vsprintf(text, fmt, ap);

 glListBase(base - 32);
 glCallLists(strlen(text), GL_UNSIGNED_BYTE, text);


thanks in advance, Cam