[Кодер]

Решение найдено.
Можно использовать обычный ListBox и воспользоваться отрисовкой компонента.

Код:

procedure TListTest.ListBox1DrawItem(Control: TWinControl;
  Index: Integer; Rect: TRect; State: TOwnerDrawState);
const
  HighLight = 'LINE';
var
  TempLine, TempText, TempHigh: string;
  TempLeft, TempTop, TempStart: Integer;
  OldColor: TColor;
begin
  with (Control as TListBox).Canvas do
  begin
    FillRect(Rect);
    TempLeft := Rect.Left + 3;
    TempTop := Rect.Top + 1;
    TempLine := (Control as TListBox).Items[Index];
    while TempLine > '' do
    begin
      TempStart := Pos(HighLight, AnsiUpperCase(TempLine));
      if TempStart > 0 then
      begin
        TempText := Copy(TempLine, 1, TempStart - 1);
        TempHigh := Copy(TempLine, TempStart, Length(HighLight));
        Delete(TempLine, 1, TempStart + Length(HighLight) - 1);
      end
      else
      begin
        TempText := TempLine;
        TempHigh := '';
        TempLine := '';
      end;
      if TempText > '' then
      begin
        TextOut(TempLeft, TempTop, TempText);
        Inc(TempLeft, TextWidth(TempText));
      end;
      if TempHigh > '' then
      begin
        OldColor := Font.Color;
        if odSelected in State then
          Font.Color := clYellow
        else
          Font.Color := clBlue;
        TextOut(TempLeft, TempTop, TempHigh);
        Inc(TempLeft, TextWidth(TempHigh));
        Font.Color := OldColor;
      end;
    end;
  end;
end;

Упростил вариант до:

Код:

  with (Control as TListBox).Canvas do
  begin
    if index mod 2 <>0 then
      begin
      Font.Color:=clBlack;
      brush.Color:=clSkyBlue;
      end
    else
      begin
      Font.Color:=clBlack;
      brush.Color:=clWhite;
      end;

    FillRect(Rect);
    TextOut(Rect.Left, Rect.Top, (Control as TListBox).Items[Index]);
    end;