First figure out what features you want. Can cells be edited? Can cells have graphics in them? Can cells have lots of fonts and effects, or just plain text?
Once you get your features listed, you can figure out a type of control (or controls) to use for each cell. For example, a label control for uneditable cells, a text box for editable cells, rich text box for font effects, etc.
Then make a control array of the controls you need on a UserControl object, and create them and move them around based on user input... not too complicated really.