lst.DrawMode = System.Windows.Forms.DrawMode.OwnerDrawVariable;
lst.MeasureItem += lst_MeasureItem;
lst.DrawItem += lst_DrawItem;

private void lst_MeasureItem(object sender, MeasureItemEventArgs e)
{
    e.ItemHeight = (int)e.Graphics.MeasureString(lst.Items[e.Index].ToString(), lst.Font, lst.Width).Height;
}

private void lst_DrawItem(object sender, DrawItemEventArgs e)
{
    e.DrawBackground();
    e.DrawFocusRectangle();
    e.Graphics.DrawString(lst.Items[e.Index].ToString(), e.Font, new SolidBrush(e.ForeColor), e.Bounds);
}