make GDI drawing more efficient C#

Question

At the moment my code takes about 10% of my CPUs power. How can I make it more efficient and less flickerish? Code:

private void timer1_Tick(object sender, EventArgs e)
{
    DrawLocal();
    Thread.Sleep(17);
    pictureBox1.Invalidate();
}

private void DrawLocal()
{
    int localReadX = ReadAddress("hl2", "client.dll+0xBFFF00 364 0");
    int localReadY = ReadAddress("hl2", "client.dll+0xBFFF00 368 0");

    byte[] bytesOflocalX = BitConverter.GetBytes(localReadX);//converts to float
    byte[] bytesOflocalY = BitConverter.GetBytes(localReadY);//converts to float

    float localX = BitConverter.ToSingle(bytesOflocalX, 0)/10;//converts to float
    float localY = BitConverter.ToSingle(bytesOflocalY, 0)/10;//converts to float

    Graphics localP = pictureBox1.CreateGraphics();
    localP.FillRectangle(new SolidBrush(Color.Red), localX, localY, 5, 5);

    Graphics localName = pictureBox1.CreateGraphics();
    localName.DrawString("  local", new Font("Arial", 7), new SolidBrush(Color.Red), localX, localY);
}

Answer 1

The comments above, demonstrated below:

    private Font f = new Font("Arial", 7);

    public Form1()
    {
        InitializeComponent();
        pictureBox1.Paint += pictureBox1_Paint;
    }

    private void timer1_Tick(object sender, EventArgs e)
    {
        pictureBox1.Invalidate();
    }

    void pictureBox1_Paint(object sender, PaintEventArgs e)
    {
        int localReadX = ReadAddress("hl2", "client.dll+0xBFFF00 364 0");
        int localReadY = ReadAddress("hl2", "client.dll+0xBFFF00 368 0");

        byte[] bytesOflocalX = BitConverter.GetBytes(localReadX);//converts to float
        byte[] bytesOflocalY = BitConverter.GetBytes(localReadY);//converts to float

        float localX = BitConverter.ToSingle(bytesOflocalX, 0) / 10;//converts to float
        float localY = BitConverter.ToSingle(bytesOflocalY, 0) / 10;//converts to float

        e.Graphics.FillRectangle(Brushes.Red, localX, localY, 5, 5);
        e.Graphics.DrawString("  local", f, Brushes.Red, localX, localY);
    }