Insert Web / WWW Image Into Cell

[PDNY]

Setup:

OS: WinXP with latest service pack
XL: 2010 version
IE: v8.0.6
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Problem:

I have a spreadsheet that I need to insert nations' flags into individual cells.

I would like to do this using URLs for each nation in cells adjacent to where the flags will be. The URLs are of certain websites. Some sites are unsecured and some secured (i.e. "https://*"), though this may not matter.

I have tried using the HYPERLINK function, for example:
=HYPERLINK("http://upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Greece.svg/150px-Flag_of_Greece.svg.png","gr")

This results in a hyperlink of the URL with "gr" displayed. Removing the "friendly name", i.e. "gr", results in displaying the full URL.

In either case, the image does not display.
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Questions:

A few forum posts claim to have resolved this issue without VBA and using the HYPERLINK function:

http://www.mrexcel.com/forum/excel-questions/40828-inserting-images-excel-just-wondering.html

http://www.mrexcel.com/forum/excel-questions/524361-dynamic-hyperlink.html

Q1) Can this hyperlink-referenced displayed image task be resolved using just the HYPERLINK function?

Q2) If so, does XL2010 requires specific security settings, on Excel or IE, to do so?

Q3) If we absolutely MUST use VBA, are there any suggested solutions?
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NB, there are over 200 countries used in the spreadsheet and their rankings are reordered often so inserting them one-by-one using dropdown menus is not an option and prone to errors.

Many thanks in advance for any advice.

 

[PDNY]

Bump...can anyone help out please?