Why not both?

A short question. Is it possible to create a transparent material like stealth camouflage inside of Blender Internal Engine?

Yes, look under the transparency panel in the materials tab. You’ll need to set it to raytrace to get the refraction effect of active camo. Just a heads up though, it would be MUCH faster to render in Cycles. Almost any material that uses raytracing will be.

Well I could place it in the Cycles Engine, but I have other materials that are not created for Cycles. I’ll give it a shot.