There are several 3rd party controls out there that will do this for you, but their prices are not for the timid. You can accomplish pretty much the same thing with the Wang/Kodak ImageEdit control but it will not let you save images with the jpeg or jpg extension but it will allow you to use jpeg compression (go figure? then rename the file). Most viewers will accept this file format and will display it for you. However you can also display jpegs on forms, in picture boxes and image boxes, and with that in mind you could use the savepicture function, but once again not in the jpeg format. However if you search the web (yahoo, google, planet-source-code.com) you will find enough info to create a program that will do what you want.
Good Luck