URGENT!!I can't get transparencies to work in powerpoint 2k2 (xp version)

[schmoron13]

My boss sent me over a powerpoint show and one of the slides had an image with a transparency. On my 2k version of powerpoint, it shows up fine (though the exit animation dissapears) and on my xp version, the exit animation is there, but I can't select the image as a transparency. WHAT THE HELL IS GOING ON!!!!???

 

I need this done ASAP, but I'm at witts end..

 

thanks in advance for your help,