If the image is pasted in-line, you can quite easily bookmark one, then simply insert cross-references to the image wherever else you require it to appear. If you update the image within the bookmark, Pressing Ctrl-A, F9 will update all the others too. As eNGiNe says, linking to an external source file you can change means you don't even need to edit the document directly. Again, you can bookmark and cross-reference the linked image.

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Cheers,
Paul Edstein
[Fmr MS MVP - Word]