Name the pictures to match the relevant zip code then use something like
{InsertPicture "c:\\path\\{mergefield zip}.jpg"} to insert them
see http://www.gmayor.com/mail_merge_graphics.htm

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Graham Mayor - Word MVP
My web site www.gmayor.com
Word MVP web site http://word.mvps.org
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> I want to create a newsletter with 4 pictures in it that will vary by
> the customer's zip code. How can I do this using word?