You need to create an owner-drawn listbox control and draw it yourself. The ListBox class in .NET CF does not support owner-drawn, but you can use OpenNETCF's ListBox2 class:
http://www.opennetcf.com/library/sdf/html/a204d759-9829-3b16-2d24-1ab2282c0c1c.htm If you don't want to use OpenNETCF SDF, please read this article:
How to: Create an Owner-Drawn List Box
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