The error says "The index is out of range". That means you were trying to index an object with a value that was not valid. If you have two books, and I ask you to give me your third book, you will look at me funny. This is the computer looking at you funny. You said - "create a collection". So it did. But initially the collection is empty: not only is there nothing in it - it has no space to hold anything. "It has no hands".
Then you said "the first element of the collection is now 'ItemID'". And the computer says "I never was asked to create space for a 'first item'." I have no hands to hold this item you are giving me.
In terms of your code, you created a view, but never specified the size. You need a
dataGridView1.ColumnCount = 5;
Before trying to access any columns. Modify
DataGridView dataGridView1 = new DataGridView();
dataGridView1.Columns[0].Name = "ItemID";
to
DataGridView dataGridView1 = new DataGridView();
dataGridView1.ColumnCount = 5;
dataGridView1.Columns[0].Name = "ItemID";
See http://msdn.microsoft.com/en-us/library/system.windows.forms.datagridview.columncount.aspx