"CLR" wrote...
Try inserting it as an "Object", "from file", rather than as a
"Picture"......or, you could copy and paste it.
....

In Excel 2003 the Insert Object menu entry isn't disabled when a protected
worksheet is active, but Excel won't put an object into it. It'll let you go
through the motions in the Object dialog, but when you click OK, it'll
display an error dialog stating 'Cannont insert object'.