Private WithEvents ListBox1 As New ListBox()

Private Sub InitializeListBox() 
    ListBox1.Items.AddRange(New Object() _
        {"Red Item", "Orange Item", "Purple Item"})
    ListBox1.Location = New System.Drawing.Point(81, 69)
    ListBox1.Size = New System.Drawing.Size(120, 95)
    ListBox1.DrawMode = DrawMode.OwnerDrawFixed
    Controls.Add(ListBox1)

End Sub

Private Sub ListBox1_DrawItem(ByVal sender As Object, _
 ByVal e As System.Windows.Forms.DrawItemEventArgs) _
 Handles ListBox1.DrawItem

    ' Draw the background of the ListBox control for each item.
    e.DrawBackground()

    ' Define the default color of the brush as black.
    Dim myBrush As Brush = Brushes.Black

    ' Determine the color of the brush to draw each item based on   
    ' the index of the item to draw.
    Select Case e.Index
        Case 0
            myBrush = Brushes.Red
        Case 1
            myBrush = Brushes.Orange
        Case 2
            myBrush = Brushes.Purple
    End Select

    ' Draw the current item text based on the current 
    ' Font and the custom brush settings.
    e.Graphics.DrawString(ListBox1.Items(e.Index).ToString(), _
        e.Font, myBrush, e.Bounds, StringFormat.GenericDefault)

    ' If the ListBox has focus, draw a focus rectangle around  _ 
    ' the selected item.
    e.DrawFocusRectangle()
End Sub