background image on form

i am creating a software simulator of a processor (a very simple one) and would like to know whats the best way to provide a background image to the form which has labels for regs to show values etc...however at present all the labels dont have labels themselves depicting what they are..ie..PC, MAR, etc

my question is (being a newbie to C#) is how do i go about drwaing the background image...ie..labelling all the processor components? do i draw an image in PSP for example but then how do i get the x y values right with every component?

i guess to learn GDI+ well enough to use that would take a while

i have included a screenshot of my GUI (so far)

thanks in advance
luigi