Buenas, 1 manera.
' te creas un semaforo con 3 images y un timer. y las cargas segun el intervalo
Dim cont As Integer ' la declaras a nivel de formulario
Private Sub Timer1_Timer()
cont = cont + 1
Select Case cont
Case 1
Image3.Picture = LoadPicture()
Image1.Picture = LoadPicture(App.Path + "\verde.ICO")
Case 2
Image1.Picture = LoadPicture()
Image2.Picture = LoadPicture(App.Path + "\ambar.ICO")
Case 3
Image2.Picture = LoadPicture()
Image3.Picture = LoadPicture(App.Path + "\rojo.ICO")
cont = 0
End Select
End Sub
' y si tienes las imagenes del semaforo en los 3 estados.
Dim cont As Integer ' la declaras a nivel de formulario
Private Sub Timer1_Timer()
cont = cont + 1
Select Case cont
Case 1
Image1.Picture = LoadPicture(App.Path + "\semaforo1.ICO")
Case 2
Image1.Picture = LoadPicture(App.Path + "\semaforo2.ICO")
Case 3
Image1.Picture = LoadPicture(App.Path + "\semaforo3.ICO")
cont = 0
Timer1.Enabled = False ' paramos el timer
End Select
End Sub
' saludos