Customize E-mails with letterhead

[John]

Hi

How can I customise out going e-mails by inserting graphics
(jpg or gif) like a letter head? I am using word xp as e-
mail editor. Is it possible to customize e-mails so i can
specify when to include graphics on outgoing mail and when
not to ? Like one template for business and one for
personnal?

Thanks for any help
John