It is absolutely possible, and if it's not quite what BackgroundWorker was intended for (primarily, refreshing a foreground GUI while a long-running background process is taking place), it's pretty darned close.
If you're trying to do something like make a splash screen rotate through images or text while your application or loading or installing, consider just putting a timer on the splash, and refreshing on timer tick.
You're wise to stay away from DoEvents
, which seems the simplest solution at first, but leads to pain and intermittent, hard-to-debug problems down the road.
Edit: From your comments, it looks like you're loading your application on the splash screen's GUI thread, and that's causing your splash form to not refresh itself. This is expected behavior. You'll want to put your application load onto a background thread, using bare threading or BackgroundWorker (which is designed for exactly this situation). I'll bet it's not as difficult to do as you're expecting it to be. If you're having problems with that approach, feel free to post a question asking for help.