I made this ship in a bottle, but no matter if I use a texture with alpha channel or just use the alpha slider in the materials, the effect is that always the geometry of which the model consists gets revealed.
http://imageshack.us/photo/my-images/560/bottleship.jpg/
EDIT: Solved it myself. Just go to NiStenclilProperty and change "Daw Face" mode from bothsided to ccw, that's all.