Well, if a PictureBox doesn't support animated GIFs, the only other things i can think of are either using a WebBrowser to display it, or coming up with some sort of multithreaded solution to update the PictureBox every x milliseconds, which I admit is rather bad practice. If you want to get technical, you could create your own UserControl that uses GDI functions to make an animated control on your form.
A picturebox control does support an animated GIF, albeit haltingly. You can use the ImageAnimator class to make it smooth. See this thread for an example.
animated GIF on a form
hazz
Gert Drapers - MSFT