This is from "view source" of the email I have from Microsoft that has an image in it:
<HTML>
<HEAD>
<!--This META tag is needed for localization-->
<title>Microsoft Office Outlook with Business Contact Manager Update</title>
<STYLE TYPE="text/css"> <!-- .Product { font-size:14pt; font-weight:700; font-family:verdana, arial, sans-serif; }
BODY { font-size:10pt; font-family:verdana, sans-serif; }
.feature { font-size:10pt; font-weight:700; font-family:verdana, arial, sans-serif; color:#0000CC; }
div.Section1 {page:Section1;}
span.feature1 {font-family:Verdana;color:#0000CC;font-weight:bold}
span.msoIns{mso-style-name:""; text-decoration:underline;text-underline:single}
-->
</STYLE>
</HEAD>
<BODY leftmargin="0" topmargin="0" bgcolor="#ffffff">
<TABLE WIDTH="100%" CELLPADDING="5" CELLSPACING="0" ID="Table1">
<TR VALIGN="top">
<TD ALIGN="center" BGCOLOR="#f1f1f1"> </TD>
<TD align="left">
<SPAN Class="Product">
<ID ID>Microsoft Office Outlook 2003 with Business Contact Manager Update</ID></SPAN><br>
<SPAN Class="feature"><ID ID><br></ID></SPAN>
Welcome to Microsoft<font size="1">®</font> Office Outlook<font size="1">®</font>
2003 with Business Contact Manager Update, which combines the familiar appearance of Outlook with new features to help you track customers and sales opportunities more effectively. Get started today so that you can spend less time searching for customer information and more time with customers.<br>
<br>Following is a summary of key features to help acquaint you with Business Contact Manager for Outlook. <br><br></TD></TR>
<TD ALIGN="center" BGCOLOR="#f1f1f1"> </TD>
<TD align="left"><span class="feature"><id id></id></span>
<id id></id>
<p><span class="Product">
<img src="accounts_lrg.gif" width="32" height="32">
Feature Overview </span></p></TD></TR>
I do not see a BASE tag but can still see the image in the email.