How do you store your waypoints? using an array? Using a loop or a Timer make the pBox travel the Array by setting Left to X and Top to Y. Or can use a GraphicsPath, but i'm not sure there will be any difference in this case.
Ok, this requires some aritmethic calculations for Distance, X and Y. As it is now the Waypoints are taken from Label's names, you can change Text on them but I used their names to define relations using the Controls Collection.
Note: You forgot to attach some images so I used another image for the PictureBox. The Project is attached.