Where do you have magic pink? Do you want to use it or do you want to get rid of it?
Magic Pink has the RGB attributes:
R: 255
G: 0
B: 255
If you want a bmp-file to be invisible (100% transparent) you have to set it to those numbers. It only works on bmp's though (to my knowledge).
If you want to get rid of visible Magic Pink in a WindowBlind or other skins using bmps, you have to open the bmp in an Graphics Editor and correct the pink part (make sure that they are really 255,0,255), as the main reason for Magic Pink to show up is when these numbers are a little off (even 254,0,255 would immediately become visible again)
As to the reason WHY it is that way..... I have absolutely no clue at all!