If an ObjectListView supports it (normal ListView of course)), just use a TextRenderer to draw text:

private void listView1_DrawItem(object sender, DrawListViewItemEventArgs e) { TextFormatFlags flags = TextFormatFlags.Left | TextFormatFlags.VerticalCenter; TextRenderer.DrawText(e.Graphics, e.Item.Text, Font, e.Bounds, Color.Blue, Color.LightSteelBlue, flags); }
As usual, only one style is supported for each call. Therefore, to highlight specific words, you will use more than one call, and also use the TextRenderer.MeasureText method to search for the following positions. It will be quite difficult to get this pixel perfect if you cannot set a fixed font.
Here is a quick and dirty example:

private void listView1_DrawItem(object sender, DrawListViewItemEventArgs e) { TextFormatFlags flags = TextFormatFlags.Left; int leftPadding = 3; int x = leftPadding; var words = e.Item.Text.Split('#'); for (int i = 0; i < words.Count(); i++) { Point pt = new Point(x, e.Bounds.Top ); Size sz = TextRenderer.MeasureText(words[i], Font); if (i % 2 == 0 ) TextRenderer.DrawText(e.Graphics, words[i], Font, pt, Color.Black, flags); else TextRenderer.DrawText(e.Graphics, words[i], Font, pt, Color.Blue, Color.LightSteelBlue, flags); x += sz.Width; } }
As you can see, there is additional space after the slots. Perhaps using a call to E.Graphics.MeasureString with StringFormat.GenericTypographic would be better, since it is configured to create dimensions without slack ..:
Update:
It looks better, making us both renderers:

Point pt = new Point(x, e.Bounds.Top ); Size sz1 = TextRenderer.MeasureText(words[i], Font); SizeF sz2 = e.Graphics.MeasureString(words[i],Font, 9999, StringFormat.GenericTypographic); if (i % 2 == 0 ) TextRenderer.DrawText(e.Graphics, words[i], Font, pt, Color.Black); else TextRenderer.DrawText(e.Graphics, words[i], Font, pt, Color.Blue, Color.LightSteelBlue); x += (int )(sz1.Width + sz2.Width) / 2;
To draw wrapped text, you need to take the available space into account and include the y coordinate in the calculation. To do this, you can either draw word by word, or use the RenderText overload, which takes a Rectangle . This one will get pretty tedious!
Update 2

Here is another example showing how to handle wrapping text:
private void listView1_DrawItem(object sender, DrawListViewItemEventArgs e) { int maxW = e.Bounds.Width; int leftPadding = 3; int leading = 1; int x = leftPadding; int y = e.Bounds.Y; var chunks = e.Item.Text.Split('#'); SizeF s0 = e.Graphics.MeasureString("_|", Font); Size s1 = e.Bounds.Size; for (int i = 0; i < chunks.Count(); i++) { Point pt = new Point(x, e.Bounds.Top ); var words = chunks[i].Split(' '); for (int j = 0; j < words.Count(); j++) { Size sz1 = TextRenderer.MeasureText(words[j], Font); SizeF sz2 = e.Graphics.MeasureString(words[j], Font, 9999, StringFormat.GenericTypographic); int w = (int)(sz1.Width + sz2.Width) / 2; if (x + w > maxW) { y += sz1.Height + leading; x = leftPadding; } DrawWords(e.Graphics, words[j], Font, new Point( x, y), Color.Blue, Color.LightSteelBlue, i % 2 != 1); x += w; } } }
It uses a small function:
void DrawWords(Graphics g, string text, Font font, Point pt, Color fCol, Color Bcol, bool highlite ) { if (highlite) TextRenderer.DrawText(g, text, font, pt, Color.Black); else TextRenderer.DrawText(g, text, font, pt, Color.Blue, Color.LightSteelBlue); }