ShapeRange.ConvertToInlineShape (Word)

Converts the specified shape in the drawing layer of a document to an inline shape in the text layer. You can convert only shapes that represent pictures, OLE objects, or ActiveX controls.

Shapes that support attached text cannot be converted to inline shapes. For these shapes, use the ConvertToFrame method. If you use this method on a ShapeRange object that contains more than one shape, an error occurs.

For Each s In Documents("MyDoc.doc").Shapes 
 If s.Type = msoPicture Then 
 s.ConvertToInlineShape 
 End If 
Next s