What do you understand by static activex?
If the activex is rendered windowless u just have to draw over the area the activex is in place.
If the activex is not windowless, and it's having its own window, subclass the speciefied window and try"overwriting" WM_PAINT,WM_ERASEBACKGROUND messages. However, it may not work efficient enought if the activex is calling its drawing procedures directly (without calling for InvalidateRect, RedrawWindow, etc. functions) as a response for some events (like clicking on it).