Ok i kept digging and digging for a solution on how to save out my slide without the background. There is NO SOLUTION however breaking it down what i really needed was to save out the OBJECTS overtop the background with a transparent background. For that there IS A SOLUTION....

Save one or more objects as a picture

1. Select one or more objects to save as a picture
   
2. Right-click the object or group and click Save as Picture.
3. In the File name box, type a name for the object or group.
4. In the Save as type list, select the graphics format you want, and then click Save. In my case i selected .PNG

Voila, the object (eg. WordArt text) is saved out as an image without the annoying background. A true PNG image file with alpha channel.