I've managed to load a texture with TextureLoader.LoadFromFile(), and provided it with Color.Black.ToArgb() for it's colorkey.
Unfortunately, when I render it, using Device.DrawUserPrimitives, I'm still seeing black.
Am I missing some code to enable the use of the ColorKey?
Needed to set some renderstate on the Device:
Device.RenderState.AlphaBlendEnable = true;
Device.RenderState.SourceBlend = Blend.SourceAlpha;
Device.RenderState.DestinationBlend = Blend.InvSourceAlpha;