I usually use textboxes, but I don't see why you couldn't use a picturebox (you will not be able to use a Label because the label control does not have an hWnd property.)
In the pictureboxs property page set the mouse pointer to 99-Custom
In the mouseicon property load the picture that you want to use. Then add this code to the mouseover event
VB Code:
Option Explicit
Private Declare Function SetCapture Lib "User32" (ByVal hwnd As Long) As Long
Private Declare Function ReleaseCapture Lib "User32" () As Long
Private Declare Function GetCapture Lib "User32" () As Long
Private Sub Picture1_MouseMove(Button As Integer, Shift As Integer, X As Single, Y As Single)
If (X < 0) Or (Y < 0) Or (X > Picture1.Width) Or (Y > Picture1.Height) Then
ReleaseCapture
ElseIf GetCapture() <> Picture1.hwnd Then
SetCapture Picture1.hwnd
End If
End Sub
Place whatever code is necessary in the pictureboxes click event.