You can place any type of Windows file into a drawing by using Insert ->Picture, browsing to the picture file, and positioning and sizing the picture using the edges and corners of the picture outline.
Or you can have an updating picture by choosing Insert ->Object then browsing for a file. This will embed an OLE object into the drawing if you link it (check the link box) while placing it into the drawing. It will try to update the image anytime you open or rebuild the drawing. If it cannot find the original it will display as it was last saved. To have an image display on a part or assembly within the drawing you will need to add the image to the model by using the PhotoWorks decal function.