Use desktop under a window?

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Idiot

I may be dreaming here, but is there any way to keep the desktop active (clickable, etc) underneath the active window?

I really want a magnifying glass window that is full screen, so you can still open programs and stuff, but all you see is the magnified desktop centered on the mouse pointer.

The process would be:
1)Capture area of desktop around mouse
2)Draw to canvas for zoom effect (like Mark's demo) only full screen & allowing you to see and click the desktop under it
3)????
4)Profit

Any chance this can be done?