Selecting a picture and then entering a formula in the Formula Bar cannot be done in Excel 2007
Special Note: Clicking OK is assumed in a dialog box.
Select Sheet2 and rename it, Pics
First set up the pictures like shown below
Select D2 and name it House but do not select the picture do this by selecting the Formula Ribbon and then select Define Name.
Name the Range House
Do the same for the other ranges.
Create the Lookup Table
Name the list for data validation by selecting F2:F5 and naming it ListPics
Select the LookUp Table and Name it LookupList.
Go to sheet1 and select A2
Select the Data Ribbon and select Data Validation, In the Allow Box select List and in the source box enter =ListPics
You now have a dropdown list to select the pics
The next Instructions are required for Excel 2007
Go back to Define Names and define the formula ShowPic
Enter the formula
Insert an Object,
Select the Insert Ribbon and select Object. then select Bitmap Image
Paint will show up, so you will have to close it.
This is what will show on the worksheet.
Replace the formula with
In another cell enter the Vlookup Formula
This is the final result
Select the dropdown in A2 and see what happens.
Check out the example workbook.