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AeroPeek for Windows XP and Windows Vista tries to mimic that behavior. It works by clicking on the program’s system tray icon which will hide all active windows and display the computer desktop instead. Another click on the icon will display the windows again. This is different from the behavior in Windows 7 as it is now possible to interact with desktop elements.
The main use for this feature however is the display of desktop gadgets and other information that are displayed on the desktop. It is different from pressing [Windows D] which will minimize all windows and bring them back upon pressing the keyboard shortcut again. Windows D may change the active window when used while Aero Peek will always return to the window that has been active before.