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.
What you're looking for is the option to "float" apps. 
Before I give my answer, I should say that you need to do a bit of Google on "How to keep apps on top on mac" 
With this, I found that this was already mentioned before in superuser.com
If you are too lazy or have slow internet, the answer mentioned was Afloat, since Afloat is open  source, install guide here.