Why would you want to? Watermarks, by their very definition are supposed to
be overprinted by the content of a document. Otherwise the readability of
the doc is compromised.
If it must be done for some reason, it depends on what type of 'graphic' is
involved. If an AutoShape, for example you can set the Fill and/or Line
Color of the shape to None or you can go to the Format Properties of the
shape and adjust its Transparency. Some other 'graphics' allow for similar
adjustment, but many (such as pictures) do not.
BTW, it isn't necessary to post the same issue multiple times.
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