Easy and cheap DrawImage on Picturebox

Hi folks, I got stuck on this and after many hours of painfully banging my heaqd against the wall, I came up with something that doesn't require the OnPaint event handler. From what I've seen after reviewing many examples of OnPaint, I simply don't understand why one would want to redraw form graphics every time the OnPaint event gets raised. While there are ways to implicitly invoke a custom handler, you have to parametize the hell out of it to still have access to other objects, such as MouseEventArgs. Anyways, I hope my example will help others such as myself who got stuck on this. I know there are probably more elegant (and proper) ways of doing this. If anyone who DOES know what would be the correct approach please feel free to respond to this thread. Thanks in advance.