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Public Class Form1

    Private Sub Form1_Load(ByVal sender As System.Object, ByVal e As System.EventArgs) Handles MyBase.Load

        ComboBox1.DisplayMember = "Color"

        ComboBox1.Items.Add(Brushes.Cyan)

        ComboBox1.Items.Add(Brushes.Yellow)

    End Sub

    Private Sub ComboBox1_DrawItem(ByVal sender As System.Object, ByVal e As System.Windows.Forms.DrawItemEventArgs) Handles ComboBox1.DrawItem

        Dim cmb As ComboBox = DirectCast(sender, ComboBox)

        Dim brush As SolidBrush = DirectCast(cmb.Items(e.Index), SolidBrush)

        Dim g As Graphics = e.Graphics

        e.DrawBackground()

        e.DrawFocusRectangle()

        Dim rect As Rectangle = e.Bounds

        rect.Offset(2, 2)

        rect.Width = 20

        rect.Height -= 4

        g.DrawRectangle(Pens.Black, rect)

        rect.Offset(1, 1)

        rect.Width -= 1

        rect.Height -= 1

        g.FillRectangle(brush, rect)

        g.DrawString(brush.Color.ToString, Font, Brushes.Black, e.Bounds.X + 30, e.Bounds.Y + 3)

    End Sub

End Class