"Link Label" in CAPI?

I was wondering if CAPI has an equivalent of the Dotnet/Win32 "link
label", or how one would go about implementing one.

Basically, in dotnet it appears as a blue underlined bit of text that
allows clicks and changes the mouse pointer on mouseover (I.e. the
stereotyped web link) on a  GUI.

Is there a way to achieve this in CAPI?  With or without bitmaps?  I
haven't had success getting the mouseover to work, and would like to
retain the option to retain transparency.

This is for Win32, and I'm not averse to surrenduring cross-platform
in this case.

Thanks,
Matt