You can't do this, but you could insert the image and add a bookmark to the image location, which will make it easier to address. The following should help
Code:
Public Sub ImageToBM(strbmName As String, strImagePath As String)
'Graham Mayor - http://www.gmayor.com
Dim orng As Range
Dim fso As Object
Set fso = CreateObject("Scripting.FileSystemObject")
If fso.FileExists(strImagePath) Then
With ActiveDocument
On Error GoTo lbl_Exit
Set orng = .Bookmarks(strbmName).Range
orng.Text = ""
orng.InlineShapes.AddPicture _
FileName:=strImagePath, LinkToFile:=False, _
SaveWithDocument:=True
orng.End = orng.End + 1
orng.Bookmarks.Add strbmName
End With
End If
lbl_Exit:
Set fso = Nothing
Set orng = Nothing
Exit Sub
End Sub