Here are two ideas:
(cheap, simple, somewhat useful/fun)
1) Parallel port digital thermometer. Build a circuit that will use a temp sensor that the PC will read (temp sense & A/D converter) and then write back out to 7 segment displays the temperature reading. You can program the PC to give an alarm if the temperature exceeds some setpoint. Basically, your VB program will know pseudo real-time temperature, the possibilities are endless.
2) A two player simon says game. Put clusters of red, yellow, blue and green LEDs with pushbuttons next to each cluster. Then, the vb program will flash each cluster in a random sequence increasing in length each time. After the PC flashes a sequence, one player has a limited amount of time to try the sequence and then the next player tries it. The vb program can record each players sequence and at the end show who got the most correct and wins the game. hardware is easy, just your interface, LEDs & some switches (make sure they are debounced!)..