C# PictureBox image toggle help required.....

Hi,

I am a complete novice on C# and i'm trying to learn as i go but i'm running into a problem.

Background:

I have an Arduino outputting a '1' & '0' every 2 seconds over the serial bus. I have a form that shows the 1's and 0's each time its received in a text box.

What i would like to do is assign a 'Red LED' image to the 0 and a 'Green LED' image to the 1, so as the data comes in, the image will toggle to reflect the data received.

Eventually i want to use these as on/off Status icons on my GUI

Here are the screen shots:

Any help with this would be greatly appreciated. And remember i'm completely new to this.

Thanks,

Richard