I already found some examples for drawing a chart with real time data in one of the links below in the comments. My question now is, can I also draw in real time things such as chart labels, axis and other related things?
Actually what I was looking for was to draw a chart for real-time data. Searching for real-time instead of dynamic data, I found my answer. Now I have another question. Is there a way to also add text in the chart that will change dynamically as the chart draws?
You can use the .net charting controls
http://code.msdn.microsoft.com/mschart
As for updating the charts over time, just refresh the chart periodically.