To amend David's answer so that it properly reverts the background color afterwords...
$('body *').live('mouseover mouseout', function(event) {
if (event.type == 'mouseover') {
$(this).data('bgcolor', $(this).css('background-color'));
$(this).css('background-color','rgba(255,0,0,.5)');
} else {
$(this).css('background-color', $(this).data('bgcolor'));
}
return false;
});