Option Explicit
 
Private XPos!, YPos!
 
Private Sub Image1_Click()
  If Image1.Stretch = True Then
    Image1.Stretch = False
    Image1.Move 0, 0
  End If
End Sub
 
Private Sub Image1_MouseDown(Button As Integer, Shift As Integer, X As Single, _
  Y As Single)
  XPos = X
  YPos = Y
End Sub
 
Private Sub Image1_MouseMove(Button As Integer, Shift As Integer, X As Single, _
  Y As Single)
  If Button = vbLeftButton And Image1.Stretch = False Then
    Image1.Move Image1.Left + X - XPos, Image1.Top + Y - YPos
  End If
End Sub

Gruss,

Zardoz