Here's an example using a textbox where user has highlighted a certain portion of the textbox for dragging:

On the Text1 control's Mouse Up event:

Code:
      If Text1.SelStart > 0 Then
        Text1.DragIcon = LoadPicture("path of whatever icon you want to use")
       Text1.Drag vbBeginDrag
      End If

On the receiving control's DragDrop event, let's call it Text2:

Code:
  ' Copy your info here
  Text2.Text = Text1.SelText
  Text2.Drag vbEndDrag
  Text2.DragIcon = Nothing