Import files into excell 2003 from path

Hello,

I would like to import a long list of photos into a spread sheet using excell 2003 to make a product catalog. in column F I have the path to the photo as:
c\web\images\3055den.jpg - each line will have a different photo but will be in the same folder
how can I make excel automatically import the file and insert it into the cell so that I can email the list to customers? also, could it shrink the photos so that the final xls list will be as small as possible to email?
I will be importing the data and then would like to have excel replace the path in column F to the actual photo.

any help would be greatly appreciated