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Is it possible to do this using C# winform?
Yes, of course. However it really depends on your exact requirements.
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How if I use threading / background worker?
You probably have to.
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Will it run smoothly?
Again, yes, but it really depends on the requirements (e.g. graphics details).
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Is there's another better choice rather than using thread / bgworker?
As far as I know, you have to use threads.