Relaxing your requirement to work on IE6 and legacy browsers you can use ::before and display: inline-block
div
{
display: inline-block;
position: relative;
}
div::before
{
content: "";
display: block;
position: absolute;
z-index: -1;
width: 100%;
height: 100%;
background:red;
opacity: .2;
}
Demo at http://jsfiddle.net/KVyFH/172/
It will work on any modern browser