DragImageBits describes the image that's displayed when you drag stuff. Its header is described by SHDRAGIMAGE.
var data = e.Data.GetData("DragImageBits") as MemoryStream;
var buffer = new byte[24];
data.Read(buffer, 0, 24);
int w = buffer[0] + (buffer[1] << 8) + (buffer[2] << 16) + (buffer[3] << 24);
int h = buffer[4] + (buffer[5] << 8) + (buffer[6] << 16) + (buffer[7] << 24);
// Stride accounts for any padding bytes at the end of each row. For 32 bit
// bitmaps there are none, so stride = width * size of each pixel in bytes.
int stride = width * 4;
// x and y is the relative position between the top left corner of the image and
// the mouse cursor.
int x = buffer[8] + (buffer[9] << 8) + (buffer[10] << 16) + (buffer[11] << 24);
int y = buffer[12] + (buffer[13] << 8) + (buffer[14] << 16) + (buffer[15] << 24);
buffer = new byte[stride * h];
// The image is stored upside down, so we flip it as we read it.
for (int i = (h - 1) * stride; i >= 0; i -= stride) data.Read(buffer, i, stride);
BitmapSource.Create(w, h, 96, 96, PixelFormats.Bgra32, null, buffer, stride);
One should still use DragDropHelper instead for better compatibility.