I downloaded the freeware NG Collision dll, and started to play. The Source tab contains a documented version of what I came up with, and it's impressive for the small amount of coding! It should inspire others to use the dll, with a 0 SYNC, I got 366 frames per second from my 1Ghz processor and GeForce 2 card.
There are 4 waypoints which bounce around the matrix. They take care of themselves thanks to NG sliding collision. The ball moves from waypoint to waypoint, and slides around any waypoints in the way. The main loop is less than 30 lines, and a lot of that is simply keeping the waypoints in the arena.
You obviously need the dll and include file for it to work!