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Excel 2007 Can Not Display Images From Web

Whenever I try to open an Excel 2007 file containing images from the web, I get the error below in a box with a red x where the images should be...

The Image Cannot Be Displayed Your Computer May Not Have Enough Memory

I can open these files without a problem in Excel 2003. The system I am using is running Windows XP with 4gb of memory.  Any ideas?
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Look in Excel -> Office Button -> Options -> Trust Center -> Trust Center Settings. There are a few options - Look in External Content and also Message Bar. You should be able to allow external content here. ... Thinkpads_User