I know I've seen sites that let you "choose a color" based on the pixel you're hovering over. I'm not sure how they do it, but one option is to create an html image map (like this), so that different parts of your PNG trigger the "hover" and other parts don't. In essence, the mouse isn't hovering over the PNG; it's hovering over areas that you define in your HTML.
Here's an example that I took directly from the link above:
<body>
<img src="trees.gif" usemap="#green" border="0">
<map name="green">
<area shape="polygon" coords="19,44,45,11,87,37,82,76,49,98" href="http://www.trees.com/save.html">
<area shape="rect" coords="128,132,241,179" href="http://www.trees.com/furniture.html">
<area shape="circle" coords="68,211,35" href="http://www.trees.com/plantations.html">
</map>
</body>