Sub ConvertImageLinks()
Dim StrImg As String
Application.ScreenUpdating = False
With ActiveDocument.Range
  With .Find
    .Text = "\<img src=[!\>]@\>"
    .ClearFormatting
    .Replacement.ClearFormatting
    .Replacement.Text = ""
    .Forward = True
    .MatchWildcards = True
    .Wrap = wdFindStop
    .Execute
  End With
  Do While .Find.Found = True
    StrImg = Replace(Replace(Replace(Split(Split(.Text, ">")(0), "=")(1), Chr(34), ""), Chr(147), ""), Chr(148), "")
    .Text = vbNullString
    .InlineShapes.AddPicture StrImg, False, True, .Duplicate
    .Collapse wdCollapseEnd
    .Find.Execute
  Loop
End With
Application.ScreenUpdating = True
End Sub