Is there any way to have two applications visible at the same time, with one application not in use overlapping the other

For example:

Notice how Sublime Text 2 (the application on the right) is visible and I can see chrome in the background. This is expected behaviour as I have Sublime Text 2 open and in use.

But then when I swap back to Chrome, the app disappears in the background, because chrome is now in use (which I guess is expected behaviour).

Is there any way so that when I swap back to Chrome, I can see other applications on top of it? In other words, can I use Chrome and look at other applications on top of it?

Obviously I could do something side by side, but my real problem involves an application that I maximise.