As I just had a client asking for an example with Listbox's CellBackgroundPaint event. You can use this event to draw pictures in background as well as in each cell, like on this picture:
In order to draw a full picture in the listbox, simply draw portions of it in different cells.
And to draw custom picture in one cell or color background, simply use graphics class commands to do so in the same event. This is very powerful. You can color cells and draw them with round edges or other fancy things to give them a very unique look.
Download project here: ListboxCellBackgroundPaintExample.zip