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An image list is a collection of images of the same size, each of which can be referred to by its index. Image lists are used to efficiently manage large sets of icons or bitmaps. All images in an image list are contained in a single, wide bitmap in screen device format. An image list can also include a monochrome bitmap that contains masks that are used to draw images transparently (icon style).
I have a project in which I use many icons/images. For some of the UI elements, you bind design time on an ImageList. Then per item, you assign an ImageList key or item number. For example: treeview1 is has imageList1. Node1 then has ImageKey "NiceIcon". So far so good.