There is a good tutorial at
http://www.vbexplorer.com/gdi1.asp
about Drawing and Animation using the Win32 GDI.
It covers:
*BitBlit
*sprite animation
*Strechblt
*Moving
*timing
*back buffering (remove flicker)
*Backgrounds - side scrolling, multiple side scrolling, and Starfields
*Game loops
and even using and creating Memory DCs to load pictures(You can get rid of the overhead created by the Picturebox control)

It is not all conclusive, but it is a good start if you are interested in Animation or Gaming in VB.