What is it?
As you are no doubt aware, IE/Windows has very poor PNG support with regards to transparency. That's where this script fits in. It's an IE5.5+ 'behaviour' that you can upload, place one line in your CSS file, and forget. The HTC file will then automatically add near-native PNG support to IMG elements and (unlike many other PNG fix scripts) also supports any element with a "background-image:" CSS property, with no alterations to the page HTML!
Tech Specs
IE5.5+ includes support for an 'AlphaImageLoader' filter, that can take an element on the page and insert a correctly-rendered PNG image inbetween the element's content and background. This script automatically scans all IMG SRCs and element backgroundImages for .PNG files, and if it finds them, it removes the regular image and substitutes this filter in place. See the source if you want, but I've coded it quite compactly to keep download time down to a minimum.