Yes, you can do this without any problems. This is an application (a prototype) is made with Delphi XE5.
If you see the captures, you can see this:
I have used a semi-transparent panel with alignement alCenter (in you case you can align the panel alClient for all screen). You can modify the level of transparency with the Opacy property. In addition, I have used an effect (blur) with the background form (this is not necesary for you).
Regards.