Easy as pie!
First, you can use settings to have slides based on a category. The settings will let you set a specific category for your posts to display and a number of posts. As long as your images for posts in the category are the size needed, you'll be able to show slides just like the example you provided.
One secret... make the background color the same color as the site background, then using your graphics editor, make it transparent. Simply paste the photo into the slide on the side where you want it to appear, but make sure the slides are consistent in size and as wide as needed to fill the space.
Using Firebug for Firefox (
) or Chrome's Inspection Tools, adjust the width of the overlay, its color (transparent is good) and the color, size and weight of the fonts in the overlay. Copy the tested code to Dashboard > PageLines > Site Options > Custom Code.
Now all you need to do is remember to keep your titles reasonably short and that the excerpt field in the post will provide the excerpt in the slider. The rest is simple settings.