C#

<br />
this.listBox1.DrawMode = System.Windows.Forms.DrawMode.OwnerDrawFixed;<br />

label1.Click += new System.EventHandler(this.GenericClickHandler);
label2.Click += new System.EventHandler(this.GenericClickHandler);
...
private void GenericClickHandler(object sender, System.EventArgs e){
   //use the sender to determine which label was clicked and act accordingly.
}

using System;
using System.Drawing;
using System.Collections;
using System.ComponentModel;
using System.Windows.Forms;
using System.Data;

namespace ListBoxText
{
	/// <summary>
	/// Summary description for Form1.
	/// </summary>
	public class Form1 : System.Windows.Forms.Form
	{
		private System.Windows.Forms.ListBox listBox1;
		/// <summary>
		/// Required designer variable.
		/// </summary>
		private System.ComponentModel.Container components = null;

		int i=-1;

		public Form1()
		{
			//
			// Required for Windows Form Designer support
			//
			InitializeComponent();

			//
			// TODO: Add any constructor code after InitializeComponent call
			//
		}

		/// <summary>
		/// Clean up any resources being used.
		/// </summary>
		protected override void Dispose( bool disposing )
		{
			if( disposing )
			{
				if (components != null) 
				{
					components.Dispose();
				}
			}
			base.Dispose( disposing );
		}

		#region Windows Form Designer generated code
		/// <summary>
		/// Required method for Designer support - do not modify
		/// the contents of this method with the code editor.
		/// </summary>
		private void InitializeComponent()
		{
			this.listBox1 = new System.Windows.Forms.ListBox();
			this.SuspendLayout();
			// 
			// listBox1
			// 
			this.listBox1.DrawMode = System.Windows.Forms.DrawMode.OwnerDrawFixed;
			this.listBox1.Items.AddRange(new object[] {
														  "one",
														  "two",
														  "three",
														  "four",
														  "five"});
			this.listBox1.Name = "listBox1";
			this.listBox1.Size = new System.Drawing.Size(120, 199);
			this.listBox1.TabIndex = 0;
			this.listBox1.DrawItem += new System.Windows.Forms.DrawItemEventHandler(this.listBox1_DrawItem);
			this.listBox1.SelectedIndexChanged += new System.EventHandler(this.listBox1_SelectedIndexChanged);
			// 
			// Form1
			// 
			this.AutoScaleBaseSize = new System.Drawing.Size(5, 13);
			this.ClientSize = new System.Drawing.Size(120, 197);
			this.Controls.AddRange(new System.Windows.Forms.Control[] {
																		  this.listBox1});
			this.Name = "Form1";
			this.Text = "Form1";
			this.ResumeLayout(false);

		}
		#endregion

		/// <summary>
		/// The main entry point for the application.
		/// </summary>
		[STAThread]
		static void Main() 
		{
			Application.Run(new Form1());
		}

		private void listBox1_DrawItem(object sender, System.Windows.Forms.DrawItemEventArgs e)
		{
			if (e.Index == this.i)
			{
				e.Graphics.FillRectangle(Brushes.CadetBlue,e.Bounds); //draw the selected one in blue
			}
			else
			{
				e.Graphics.FillRectangle(Brushes.White ,e.Bounds); //draw the others in white
			}

			e.Graphics.DrawString (this.listBox1.Items[e.Index].ToString(),new System.Drawing.Font("Comic Sans", 8),Brushes.Black, e.Bounds); //now draw the actual text

		}

		private void listBox1_SelectedIndexChanged(object sender, System.EventArgs e)
		{
			this.i = this.listBox1.SelectedIndex;
			this.listBox1.Invalidate (); //force the control to be redrawn
		}

		private void label1_Click(object sender, System.EventArgs e)
		{
		
		}
	}
}