This seems to be possible:
From the documentation for the StatusBarPanel:
Although the StatusBar control is typically used to display textual
information, you can also provide your own type of display to a
StatusBarPanel. The Style property enables you to specify how the
StatusBarPanel will be drawn. By default, the Style property is used to
display the value of the Text property (and an icon if specified in the Icon
property). If the property is set to StatusBarPanelStyle.OwnerDraw, you can
draw your own information into the panel. You can use this feature to draw a
progress bar or an animated icon in the panel.
When you are adding the status bar, you are actually adding it to the
container of the StatusBarPanel, which is the StatusBar. Your best bet
would be to draw the control yourself on the StatusBarPanel when the
DrawItem event on the StatusBar is fired.
SOURCE:
http://groups.google.com/[email protected]&rnum=5