Basically upload the image to your server (if you have one) or upload it to imageshack (www.imageshack.us) and then make a HTML file with the following code :
<html>
<head>
<meta http-equiv="Content-Type" content="text/html; charset=iso-8859-1" />
<title>HTML email</title>
</head>
<body>
<a href="http://www.internetaddress.com/"><img src="http://www.whereyouuploadedtheimagefile.com" /></a>
</body>
</html>
Now get a mass mailer like Easy Mass Mailer (it's very basic and simple). The address is : http://easysoftmade.com/massmailer/
Enter the program and just select HTML code at the body of the email and copy and paste the code above. Insert the email address you want to send to and click send.
Note : It's very important that the path to your image file is an Internet address (http://www.whereyouuploadedtheimagefile.com or http://www.youraddress.com/file.jpg) so it can be displayed corectly on any computer with internet access.