Inline images in Drupal
Acquia recently published a three part tutorial about getting inline images in Drupal.
Inline images are the ones you find embedded on block of text. There are several ways to acomplish this each one with its advantages and disadvantages.
Here is the tutorial:
You can also check this out: http://purewebmedia.biz/articles/2013-01-10/how-insert-and-float-inline-images-drupal-7