For doing it in vc++, you can follow the previous post link. But it's too simple to do in vb. Just create a picturebox and you are done!
The Picture box has many graphics methods like putpixel, circle, line, rectangle, etc and many properties like backcolor, fillcolor, forecolor, autoredraw, etc that you can use to create a basic MSPaint.
To load a picture, whether it be a bmp or jpg, into the picturebox, use the loadpicture() function. After the user's finished drawing, you can call the savepicture() method of the picture box to save the picture. You can only save in bmp, I think. For saving in other formats, you need to license yourselves their dll.