It is possible. there are two ways how to make this. The first one is simplier, but the second one allows you to make semi-transparent material.
1.
Edit your texture image in Photoshop (or any other program...) so all the places which should be invisible on the model will be transparent in the image (.gif format supports transparency)
Open material settings window in Anim8or and click "textures" button in the middle of the window. Click "..." button in "Diffuse" row and select your transparent .gif image. Then click "md" button in Diffuse row and set "Alpha mode" to "Final"
2.
First make alpha mask of your image: make 2 colours version (black-white) of your image; remember: black means transparent, white means visible; you can also use gray colors to make it semi-transparent.
Now you have two images )original and alpha); open material settings window in Anim8or and click "textures" button in the middle of the window. Click "..." button in "Diffuse" row and select the original colored texture. Then click "..." button in "Trans." row and select your alpha image. Transparency value in the main material window must be "1" and "Trans." % value in texture window should be 100...
Good luck...