In the third part of this series, Jeremy Likness covers the "3D Panel" effect that he uses for his Projects page.
Source: C#er : Image
You've now learned how to create a custom panel and use it inside a listbox to create a custom carousel-style effect. I'm sure from here you can imagine the steps to center the panel, make a reflection, etc. that ultimately leads to full blown carousel controls. You should also realize by now that almost any type of UI paradigm can be created simply by styling the listbox.