How do I link picture files (e.g. PNG-files) in Excel so that they can be
automatically updated?

Did Microsoft forget to enable OLE-functions in Excel 2003 for graphics? I
tried several ways to paste the picture as a link, no success!
1) It is not possible to copy the pictures from Office Picture Manager into
Office Clipboard.
2) Copy into system clipboard works, but under paste special in Excel "paste
link" is inactive.
3) It's also not possible to link a picture file through: Insert/ Picture/
From file... which is possible in Word 2003.
4) Insert/ Object/ Create from file... doesn't show the picture but an icon,
although "Link to file" is checked. It links the file as "package" instead of
e.g. "paint.picture"

Thanks in advance!