Here is the lastest version of Project Transparency which is version 0.3 and might be the last, first known as Bl1zzard's Material Based Hack.

Screenshots of wallhacked custom maps :
http://img370.imageshack.us/img370/4262/fybuzzkillcssng1.jpg
http://img244.imageshack.us/img244/3954/surfgreatriveryq7.jpg

Video in youtube :
Low quality : http://www.youtube.com/watch?v=KodZzOzZEJE
High quality : http://www.youtube.com/watch?v=KodZzOzZEJE&fmt=18

Features :
Colored player models (Better the V0.2)
Colored hostage models (New!)
Colored VIP models (New!)
Colored world weapons (Better then V0.2)
NoSky(New!)
NoScope(New!)
NoHands(New!)
Transparent texture (Most advanced of all the material based wallhack as it supports both VALVe and most custom texture)
VAC2 proofed forever (Gonna disable my account like last time because you didn't catch me?)

Shouts & Credits :
UltraFreak
belink
sLaYeR-eS-Me
authors of any other code I stol