Irena 2D Engine is finally out, currently it's in version 0.5.5:
This engine is using DirectX8 and works only in Visual Basic because it's not a .dll library, it's a module with all the functions that are needed to make whatever you want with graphics in DirectX8. This functions makes your job allot easier, you don't even have to know how to work with DirectX8, Engine has it's functions that are fully explained in documentation provided in download.
- There are 2 functions for pictures, with each one you can draw, rotate, use alphablend transparency, get just specified part of picture drawn..
- Also, 2 function to draw text on the screen, one is using standard Windows fonts (slow), and another is using font pictures from memory (one font provided in download)
- There are few more functions that makes DirectX8 a lot easier to use

Click here for more.
Have fun!