First, try Print Layout view (View - Print Layout). Are pictures visible
now?
Next, make sure you aren't in draft view, drawings are displayed, and that
picture placeholders aren't being used. Choose Tools - Options - View. Under
Show, makes sure that Picture Placeholders is not checked. Under Print and
Web Layout Options, make sure that Drawings is checked. And, finally, under
Outline and Normal options, make sure that Draft Font is not checked.
Are pictures visible now?