- Everything is possible.
I'm not going to give you the whole answer but what you want to look for are the On_Event handlers.
After you create a radio button, go to the properties and click the little "Lightning Bolt" and look for something like On_Check_Changed.
After that you just have to set all the conditions:
If rdioColorPencil.checked then
picturebox's picture = colorpencil.jpg
picturebox.refresh()
End if
The On_Event handlers are some of the most useful things in .Net. They allow for everything from right clicks to form changes. Get acquainted to them.
Good Luck