You can try out Monkey. It's a kind of meta-language (the syntax is similar to basic) that translate into various other languages including Java/Android:
Depends how you develop your application. Visual Basic is a .Net language, just as C# is. Assuming you're not depending upon any Visual basic specific libraries that are not compatible with Mono For Android, there's probably no reason why your visual basic app couldn't compile to a .dll that would execute in that environment. But it would be hacky, and would probably require a C# coded wrapper to load the .dll.
But that said, I'd recommend just using C#. In 2013, Visual Basic really is a more verbose version of it anyway. (instead of if..end if, for..next, while..wend, etc, you just put blocks of code between curly braces-- if { }, for { }, while { }).
Once you're able to apply your VB knowledge to the equivalent C# syntax, you have a lot of options.. MonoGame, Unity, even Java and C# are about 90% similar in basic syntax.
The answer is no. You can only produce boring old productivity software for use in banks, insurance and manufacturing.
Just kidding.
I agree mostly with arcticdog on the C#. I recently switched from using VB.Net at work to using C#. We are mostly a VB.Net group of developers but we are given the freedom now to use C# and I prefer it because I can jump around now to other C like syntax languages with more ease. Though I do sometimes catch myself putting in '{' and '}' in Visual Basic.Net and 'end if' in C#.
But I would try and use the language that will do what you want, fits your needs and that you find the easiest to read. My eyes saw the blocks of code in Visual Basic easier than they did in C# just because I've been using that language for several years. It has only been very recent that I am starting to become very comfortable reading and writing the C# code and not forcing myself to translate (its more natural now).
Rezex
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http://www.basic4ppc.com/
I have no idea if this works however. But check into it. Who knows :)
But I would try and use the language that will do what you want, fits your needs and that you find the easiest to read. My eyes saw the blocks of code in Visual Basic easier than they did in C# just because I've been using that language for several years. It has only been very recent that I am starting to become very comfortable reading and writing the C# code and not forcing myself to translate (its more natural now).