There was no attached image...
Regardless, here is an example to get you started on what you want to do:
'This form has a PictureBox named PictureBox1 on it, that is 600x600 size
Private Sub PictureBox1_MouseMove(ByVal sender As Object, ByVal e As System.Windows.Forms.MouseEventArgs) Handles PictureBox1.MouseMove
If IsNothing(PictureBox1.BackgroundImage) Then
'I am not loading an image into the picture box
'So I check if this image is nothing, if so, make one
'Otherwise, I would get a nullReferenceError when I try
'To use PictureBox1.BackgroundImage
PictureBox1.BackgroundImage = New Bitmap(PictureBox1.Width, PictureBox1.Height)
End If
'Associate Graphics object G to PictureBox1.BackgroundImage
Dim G As Graphics = Graphics.FromImage(PictureBox1.BackgroundImage)
'Unconditional Fill with the color white
G.Clear(Color.White)
'Get the Mouse Coordinates into a Point object
Dim B As Point = e.Location
'Draw a rectangle on PictureBox1.BackgroundImage using the
'Graphics object G
G.DrawRectangle(Pens.Black, B.X - 20, B.Y - 20, 40, 40)
'It is important to call the Refresh command for objects
'that an image was drawn on to. This way the changes will
'be visible
PictureBox1.Refresh()
End Sub
This code should make a Rectangle center on the cursor. The reason I do B.X - 20, B.Y - 20 is because the 40x40 rectangle needed to center (hence, starting x - halfwidth, starting y - halfheight)
Hope this helps!