VS 2010 Displaying icon of picture file

I would like to display the icon of a picture file in a split panel, where each panel split contains a preview of what the picture file contains, much like you would see in the Windows Explorer folder of picture files set to display icons. I have tried using a picturebox loaded with the associated picture, and that works, but seems to be very sluggish and memory intensive. Got to be a better way!

Is there a way to embed Windows Explorer within a panel?

Thanks,
David