Saving the document as html will separate out the images and give them
names like image01.jpg/gif, etc. It creates a separate folder in My
Documents and the name is the name of the document they're in unless you
change it to something else. There are _ separating the words of the
file name. You can change the names of the images to something more
descriptive.

See http://www.gmayor.com/extract_images_from_word.htm

Thanks Suzanne & Tonya!