Text & Images

[cbsm]

This is what I need to do somehow ...

Field1 is a text field.
Somewhere in this text, there is q reference to an image file.
I'd like the image to be there, instead of the reference ...
It seems to me this is impossible to do, but maybe someone has an idea.
here is an example :
Text field : blahblahblah smile.ico blahblahblah
in the report i'd like to see
blahblahblah blahblahblah

(of course this reference can come up anywhere in the text, not at all or more than once !)

Thanks !