Mockup for Paint Pail with Transparency

Hi all,

Noob here. I need to create a page where various color paint buckets will be shown.

However, instead of creating images for all colors, I was thinking if it was possible to edit the image so that the color of the paint is removed and replaced with transparency, but without changing the shadows, reflections etc.

What I'm wanting is to add background color to the area of the page and add this image, and voila! the paint will look as the background color.

So, the paint will realistically look as the color which is behind the image.

Is something like this possible? Thanks for all the help.