Private Sub Form_Load()
Const TXT = "Hello!"

Dim i As Long
Dim hRgn As Long

    Picture1.AutoRedraw = True

    ' Select a big font.
    Picture1.Font.Name = "Times New Roman"
    Picture1.Font.Bold = True
    Picture1.Font.Size = 50

    ' Make the PictureBox big enough.
    Picture1.Width = Picture1.TextWidth(TXT)
    Picture1.Height = Picture1.TextHeight(TXT)

    ' Make the clipping path.
    BeginPath Picture1.hdc
    Picture1.CurrentX = 0
    Picture1.CurrentY = 0
    Picture1.Print TXT
    EndPath Picture1.hdc

    ' Draw the path.
    StrokePath Picture1.hdc
End Sub