There is no built-in API which supports this type of modification to a WinForms ListBox or ListView. It is certainly possible to achieve this but the solution will involve a lot of custom painting and likely overriding WndProc. This will be a very involved and heavy solution.
If this type of experience is important to your application I think you should very seriously consider WPF as a solution. WPF is designed to provide this type of eye candy and there are likely many samples on the web to get you up and running.