If you are using Picture boxes then you can use a combination of Drawmode and pictureBox.Print method to achieve what you are looking for..
"Hint : Drawmode = Not Xor Pen"

Ever seen when a setup package created using PDWizard is executed and it shows a small progress window which displays what percentage of setup has been completed..

Open your VB IDE and open the Setup1 project (ideally present at "C:\Program Files\Microsoft Visual Studio\VB98\Wizards\PDWizard\Setup1").. search for UpdateStatus function and you will see how it is done..

I leave the research up to u..