This tutorial will help you hide Utorrent from monitor screen and system tray and invisible to anyone who looks at the monitor. But remember the Utorrent can still be seen in task manager processes. You can't fool that!

Version used: Utorrent 2.2.1 build 25154

Steps:
*Open Utorrent > Options > Preferrences > General.
*You should see a Boss-Key area in the window with value 'None' as deafult.
*Click on that area and press your desired Boss-Key combination.

What is Boss-Key: This is a keyboard shortcut used to hide/unhide Utorrent. This key can be a single key like 'd' or 'F7' or 'Numpad 0' or it can be a key combination. As you can see in the following image, I have Ctrl + Numpad 0 as the Boss-Key combination. you can not use 'Esc' as Boss-Key as it closes the Utorrent preferences window

Image 1:

http://i.imgur.com/FfE6nTV.png

*Apply.

Now you can hide/unhide Utorrent anytime you want. As a proof I have provided some images here.

I have pressed my Boss-Key.
Here you can see in the Task Manager that Utorrent is running, but there is no trace of it in the taskbar or system tray.

Image 2:

http://i.imgur.com/0Rl2OuT.png

In the Networking tab of Task manager, you can see the 'Bytes Sent Per Interval' and 'Bytes received Per Interval' is constantly changing and its same when you download/uplaod something. I had all network traffics closed except Utorrent while taking this screenshot. So this is the proof that Utorrent is still downloading/uploading while hidden.

Image 3:

http://i.imgur.com/LGSpmkE.png

Finally press your Boss-Key again and Utorrent is back in your taskbar and system tray again.

Image 4:

http://i.imgur.com/FYVXxuF.png

Note 1: When Utorrent is hidden, no download complete notification will show on the screen, just tested myself
Note 2: If utorrent is set to start at windows start up, then it will show up again at system start up even if the system had been previously shutdown or restarted with utorrent remaining hidden

Any useful information regarding this is appreciated and I'll add them in the first post with credit.

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Nice Tutorial. Thankx for sharing.