Cita: RTF would allow you to insert a picture into a
document by simply dropping a hex-encoded GIF, JPEG, or PNG file into
your RTF code. But RTF doesn't do things that way. The RTF
specification, on the subject of pictures, explains a {\pict...}
construct that contains picture data (typically as a long series of
hexadecimal digits).
But the picture data encoded in the {\pict...} construct is in a binary
format that can't be converted to easily from a conventional image
format (i.e., GIF, JPEG, or PNG).
Incidentally, the binary format that I'm talking about is actually WMF
(Windows Metafile) -- whenever I'd try dropping a gif into a document
and the examining how it saved, it'd be encased in inscrutible WMF
code (or, even worse, MSWord-specific binary formats). [...]

... como sea, continua. Hay un ejemplo en PERL
http://interglacial.com/rtf/rtf_book.../000README.txt
La especificación acá:
http://www.microsoft.com/downloads/d...kInfoContainer
Pero, sobre todo, ojo con esto:
http://sourceforge.net/projects/phprtf
En su API hay un método para incluir imágenes:
http://www.phprtf.com/api/
... San google... en fin. Suerte y sería bueno comentaras tu experiencia.