If ListBox1.Items.Item(e.Index).ToString = TimeOfDay Then

Public Class Form1
 
    Private Sub Button1_Click(sender As Object, e As EventArgs) Handles Button1.Click
        Timer1.Enabled = True
    End Sub
 
    Private Sub ListBox1_DrawItem(sender As Object, e As DrawItemEventArgs) Handles ListBox1.DrawItem
        ' Перерисовываем фон всех элементов ListBox.  
        e.DrawBackground()
 
        ' Создаем объект Brush.  
        Dim myBrush As Brush = Brushes.Black
 
        ' Определяем номер текущего элемента  
        If ListBox1.Items.Item(e.Index).ToString = TimeOfDay Then
            myBrush = Brushes.Green
        Else
            myBrush = Brushes.Black
        End If
 
        ' Перерисовываем текст текущего элемента  
        e.Graphics.DrawString(DirectCast(sender, ListBox).Items(e.Index).ToString(), e.Font, myBrush, e.Bounds, StringFormat.GenericDefault)
 
        ' Если ListBox в фокусе, рисуем прямоугольник   
        'вокруг активного элемента.  
        e.DrawFocusRectangle()
 
 
    End Sub
 
    Private Sub Form1_Load(sender As Object, e As EventArgs) Handles MyBase.Load
        ListBox1.DrawMode = DrawMode.OwnerDrawFixed
        Me.DoubleBuffered = True
        Timer1.Enabled = False
        Timer1.Interval = 1000
    End Sub
 
    Private Sub Timer1_Tick(sender As Object, e As EventArgs) Handles Timer1.Tick
        ListBox1.Refresh()
    End Sub
End Class