Franco,
I'm not sure if a PictureBox has an ItemDrag event (I'm more used to dragging to/from TreeViews and ListViews) ... but in any case, somewhere you need to fire the DoDragDrop() method ... that's the only piece that you're missing I think. I do it from the ItemDrag eventhandler ... there should be something comparable for the PictureBox, or (since I don't see anything obvious there), you could probably fire a DoDragDrop() method from the DragEnter eventhandler.
~~Bonnie