private ListBox ListBox1 = new ListBox();
private void InitializeListBox()
{
    ListBox1.Items.AddRange(new Object[] 
        { "Red Item", "Orange Item", "Purple Item" });
    ListBox1.Location = new System.Drawing.Point(81, 69);
    ListBox1.Size = new System.Drawing.Size(120, 95);
    ListBox1.DrawMode = DrawMode.OwnerDrawFixed;
    ListBox1.DrawItem += new DrawItemEventHandler(ListBox1_DrawItem);
    Controls.Add(ListBox1);
}

private void ListBox1_DrawItem(object sender, 
    System.Windows.Forms.DrawItemEventArgs e)
{
    // Draw the background of the ListBox control for each item.
    e.DrawBackground();
    // Define the default color of the brush as black.
    Brush myBrush = Brushes.Black;

    // Determine the color of the brush to draw each item based 
    // on the index of the item to draw.
    switch (e.Index)
    {
        case 0:
            myBrush = Brushes.Red;
            break;
        case 1:
            myBrush = Brushes.Orange;
            break;
        case 2:
            myBrush = Brushes.Purple;
            break;
    }

    // Draw the current item text based on the current Font 
    // and the custom brush settings.
    e.Graphics.DrawString(ListBox1.Items[e.Index].ToString(), 
        e.Font, myBrush, e.Bounds, StringFormat.GenericDefault);
    // If the ListBox has focus, draw a focus rectangle around the selected item.
    e.DrawFocusRectangle();
}