You can assign any image to the picture box that you want during run-time. Just set the Image property of the picture box to the picture you want to be displayed.
For example, to display an image in a picture box from a file on your hard drive, you could use something like:
myPicBox.Image = Image.FromFile("C:\savedimage.bmp");
Or, your edit suggests that you have a bitmap object in memory that you want to display in the picture box. In that case, it's a simple matter of assigning that bitmap object to the Image property:
myPicBox.Image = test1; //(where test1 is your bitmap object in memory)
Edit: Just in case you want to save the bitmap object that you created in memory to disk so that you can reload and use it later, check out the Save method of the Bitmap object:
test1.Save("C:\savedimage.bmp", System.Drawing.Imaging.ImageFormat.Bmp);