Try this example:
(cardpic here is the name of the picturebox, but you can make it any picurebox using the sender method of the mouse events and adding one more variable)
'tells you if the object should be dragged
Dim dragging As Boolean = False
'values used to make the moving smooth
Dim x, y As Integer
Private Sub cardpic_MouseDown(ByVal sender As Object, ByVal e As System.Windows.Forms.MouseEventArgs) Handles cardpic.MouseDown
'set to dragging
dragging = True
x = cardpic.PointToClient(Me.Cursor.Position).X
y = cardpic.PointToClient(Me.Cursor.Position).Y
End Sub
Private Sub cardpic_MouseUp(ByVal sender As Object, ByVal e As System.Windows.Forms.MouseEventArgs) Handles cardpic.MouseUp
'dont drag anymore
dragging = False
End Sub
Private Sub cardpic_MouseMove(ByVal sender As Object, ByVal e As System.Windows.Forms.MouseEventArgs) Handles cardpic.MouseMove
'if the object should be dragged change the location
If dragging Then
cardpic.Location = New Point(Me.PointToClient(Me.Cursor.Position).X - x, Me.PointToClient(Me.Cursor.Position).Y - y)
End If
End Sub