<style>.transp-block {

background: #000 url(Водяной знак.jpg) no-repeat;

width: 575px;

height: 335px;

}

img.transparent {

filter:alpha(opacity=75); - Прозачность watermark'a

opacity:.75;

}</style>

<div class="transp-block">

<img class="transparent" src="$OTHER1$" alt="" />

</div>