The code that follows demonstrates the drawing of rubberbanded lines in VB2010. Tested with Windows 7.
The form setup consists of the form with a PictureBox within it. (The form code is not included, so that you will have make that yourself),
Code:
' a rubberbanded line(s) may be drawn in a PictureBox.  July 2014

Public Class Form1
    Dim ori As Point
    Dim lastori As Point
    Dim mousedwn, firstdown As Boolean  

    Private Sub PictureBox1_MouseDown(ByVal sender As Object, ByVal e As System.Windows.Forms.MouseEventArgs) _
        Handles PictureBox1.MouseDown
        mousedwn = True
        firstdown = True
        ori.X = e.X   'origin of line
        ori.Y = e.Y
    End Sub

    Private Sub PictureBox1_MouseMove(ByVal sender As Object, ByVal e As System.Windows.Forms.MouseEventArgs) _
        Handles PictureBox1.MouseMove
        If mousedwn Then
            If Not firstdown Then 'remove last line
                ControlPaint.DrawReversibleLine(PictureBox1.PointToScreen(ori), _
                                        PictureBox1.PointToScreen(lastori), SystemColors.Control)
            End If
            ControlPaint.DrawReversibleLine(PictureBox1.PointToScreen(ori), _
                                        PictureBox1.PointToScreen(New Point(e.X, e.Y)), SystemColors.Control)
            lastori.X = e.X
            lastori.Y = e.Y
            firstdown = False
        End If
    End Sub

    Private Sub PictureBox1_MouseUp(ByVal sender As Object, ByVal e As System.Windows.Forms.MouseEventArgs) _
        Handles PictureBox1.MouseUp
        mousedwn = False
        ' uncomment these lines to enable a single line at a time with length and angle
        ' Dim endpt As Point
        ' endpt.X = e.X
        'endpt.Y = e.Y
        'Dim len As Integer
        'len = Math.Sqrt((endpt.X - start.X) ^ 2 + (endpt.Y - start.Y) ^ 2) 'compute len of tape
        'Dim angle As Integer = Math.Asin((start.Y - endpt.Y) / len) * 57.2958   'test line only
        'MessageBox.Show("length of tape= " & CStr(len) & " angle is " & CStr(angle), "Measuring tape")
        ''remove line
        'ControlPaint.DrawReversibleLine(PictureBox1.PointToScreen(start), _
        '                                PictureBox1.PointToScreen(endpt), SystemColors.Control)
    End Sub
End Class
The program will let you draw any number of lines or a single line with length and angle info. See MouseUp event to change behavior.
Good luck.