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In this instance the images are not displayed using flash although that is one way of doing it.
The main image with the characters on it is a Table Background Image and the slice image you are referring to is actually a transparent gif in the table cell where you actually see it appear
In the true meaning of the word these images are not overlapping even though they are above and below each other.
The only other way apart from flash and the above example to create this effect is by using html layers but this can get messy and may not display correctly in all browsers.
Hopefully that makes sense
"I'm as confused as a baby in a topless bar."