T.J.S.,
No. An IF function lives in a formula, which lives in a cell, and can only
return a value (text, number, boolean, etc) to the cell. A formula cannot
"do" anything (like expose a picture) -- a macro can.
If your heart is set on this approach, you could possibly make a font of the
picture, then it would really be text, and the IF could return a character
in that typeface (font) (your picture). You'll need a font-making program.
Or you can write a macro that checks what the IF would examine, and plops a
pic into the sheet.
