Steve,
I don't have an idea how you could make that with a cursor based listbox maybe someone else has. I simply prefer using grids. However below approach might fit you :

*arrList is custom form property
*form.init
select emp_id,first_name, last_name, title, ;
 iif(title='Sales',"bmps\bottom.bmp","bmps\cursor.bmp") ;
 from employee ;
 into array this.arrList

with ThisForm.List1
 .RowsourceType = 5
 .RowSource = 'thisform.arrList'
 .Columncount = ALEN(thisform.arrList,2)-1
 .Numberofelements = ALEN(thisform.arrList,1) * (ALEN(thisform.arrList,2)-1)
 .Columnlines = .F.
 .Columnwidths = '50,50,50,50'
 for m.ix=1 to .ListCount
   .Picture(m.ix) = thisform.arrList(m.ix,5)
 endfor
endwith

Cetin