Hi Joe,

You need some sort of container to hold the picture. Let's say we use
an embedded chart as a container. Just Insert - Chart and click Finish
to insert a blank chart in a worksheet. Hold the shift key down and
click on the chart to see the name of the embedded chart (it should
be "Chart 1".

Then run this macro. Change strPath to suit your situation.
Note that we could do the same thing using a shape to hold the
picture, but a chart object can be much more useful.

Sub UpdateChartPic()

Dim strPic As String
Dim strPath As String

strPath = "C:\Documents and Settings\Ed\My Documents\My Pictures\dsc00"

strPic = Range("D5")
strPic = strPath & strPic & ".jpg"

ActiveSheet.ChartObjects("Chart 1").Activate
ActiveChart.ChartArea.Fill.UserPicture PictureFile:=strPic

End Sub

Ed Ferrero
http://edferrero.m6.net