Yes and no.
It kind of depends on what you are talking here. There are certain events
that you will have to poke fairly deep to alter. For most of the events,
however, you can change the handler quite easily. Note, however, that VS.NET
will sometimes "correct" your changes, esp. if you poke with code in the
region that .NET tells you not to dink with (the generated code). You can
always compile outside the IDE if you are really stepping outside the box.
Another possible solution is to make static (Shared = VB.NET) methods and
fire them from the standard events wired to the application. This allows you
to reuse code more efficiently without adding a lot of object instantiation.