Yeah, the simplest way as others have mentioned is to embed it off other sites. Most sites like Flickr and Photobucket give you the code to embed to spare you the time of all the HTML formatting. Just copy and paste it in HTML mode of your post (click on the HTML icon in the post editor bar to the far right) under any paragraph notated by <p></p> the bracket with a slash means thats the closing of the paragraph. So paste that code either above the <p> tage and/or below the </p> tag.
Alternately, you could put it anywhere for that matter on a hosting account or something if you have one, and just put the url of the image in HTML img tags. So say you had an image called me.jpg. And me.jpg is on your server at the URL of http://example.com/img/me.jpg. So you would do:
<img alt="Picture of Me" src="http://example.com/img/me.jpg" /> in HTML mode, and then once you hit "Update" in the lower right of the HTML editor window, you'll see the image(s) in your post.
Also, if you want the image to display at a larger or smaller size than the original size of the photo, then just add more arguments of height and width to the img tag. So say the image is 640x480 pixels, but you want it to display as 320x240 pixels. You would simply do:
<img alt="Picture of Me" src="http://example.com/img/me.jpg" width="320" height="240" />
Hope this really answers your question. 
Thanks,
Justin