You can get WPF to support the "current item" for you without using a ListBox. In fact, if I read this blog post correctly, it automatically does this when you set the DataContext to the collection.
You can reference the "current collection item" with a slash in the Path expression.
Since you already wrote your own βNextβ and βPreviousβ buttons (which, presumably, should already be connected to this mechanism of the current element), you can get rid of the insanity of one element in a-timeBox and just bind a TextBlock (or something else ) to the properties of the current element:
<TextBlock Text="{Binding /ItemText}"/>
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