Ciao,
codice:
Dim miaImmagine As New Bitmap("D:\auto.jpg")
Private Sub Form1_Load(ByVal sender As System.Object, ByVal e As System.EventArgs) Handles MyBase.Load
PictureBox1.Image = miaImmagine
PictureBox1.SizeMode = PictureBoxSizeMode.AutoSize
End Sub
Private Sub PictureBox1_Paint(ByVal sender As Object, ByVal e As System.Windows.Forms.PaintEventArgs) Handles PictureBox1.Paint
'disegno un ellisse
e.Graphics.FillEllipse(Brushes.Orange, 80, 180, 100, 37)
'disegno una foto più piccola della staessa immagine
e.Graphics.DrawImage(miaImmagine, 10, 25, 100, 69)
End Sub