VS 2010 Is there a way to highlight specific characters in a CheckedListBox?

I have an application that I developed in VB (VS 2010) and it uses a CheckedListBox control to display a number of lines (>100 at times) from a text file. The goal is to allow a user to enter some text via another control (text box) and then iterate through the CheckedListBox items and highlight the specific characters that match. Again the intent is to only highlight the characters that match and not the entire line.

Any help in this matter is appreciated.

TomS