well, ermmm... you're going to need to totally subclass your listview and make it owner drawn because you are going to need to draw the individual items yourself instead of letting Windows do the job.
This is no small task to do (especially considering the listview is one of the biggest Windows controls with the most possible messages and what not); making a control owner drawn is not that difficult, but handling the messages appropiatly is.
I never attempted to make subtext colored, in another font and all, so I don't have a concrete example for this. But maybe some of these can get you started:
http://www.vbaccelerator.com/home/VB/Code/Control...stView/article.asp
http://www.mvps.org/vbvision/
http://www.elitevb.com/content/01,0048,01/
ListView Ref
I never seen an example on the net which let you colorize and customize parts of items in a listview, they all do it to the whole item text (but mind the sometimes many -hidden- bugs in online examples).
I assume drawing mixed colorized text and all will also involve some GDI (font) stuff so you need to look into that also...