Alphachannel texter for 3d object.

I have asked this before but maybe I wasn't clear about it:

Is it possible to load :

1) a b3d model then
2) a texture with alpha channel to make part of the 3d object(entity) (somewhat)transparrent?

I know it works fine with sprites, but I can't get it to work with a 3d model.

Is it possible?