Vlookup can use for display photo?

Instead of using VLOOKUP you can use INDEX/MATCH with a named range to a picture link.

I have added the named range and a Paste Picture Link to show you.
You do need to trim/size your pictures so they fit in the cell (on data) otherwise you get part of the next picture.

-Channce2

Sorry, I don't have 2003 any more so my menu references may not make sense.
Under Define Names I added a named range called MyPic which uses the formula:

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to find the picture.

On the picture, I used Paste as Link (I think it is under the Shift+Edit menu) and renamed the location for the picture to MyPic.

Found this link that might help you understand better...

http://learnmrexcel.wordpress.com/20...dueling-excel/

In that case, in 2007:
Under "Formulas" --> "Name Manager" you will see the MyPic name I created with the formula in the refers to box.
For the picture I copied a cell and I used the "Home" --> "Paste" (down arrow at bottom) --> "As Picture" --> "Paste Picture Link". You will see in the formula bar the reference to the copied cell (something like =$C$3), just replace that with the name =MyPic and now it will refer to the area found in the formula (cell where your picture is).

On sheet2 - copy a blank cell (lets say L4), then goto paste ...
It should be enabled and then after you paste you will see the link (in the address bar) and you can move/resize the picture (no you do not have to paste an actual picture).