If you mean something like what we have here (http://callofthemuse.com
1) upload a photo via the media tools,
2) insert a TEXT widget in the sidebar - we set the title as "I first heard the 'Call'..."
3) in the text portion use something like this
<p><img class="alignright size-full wp-image-37" title="100_5039" src="http://callofthemuse.com/wp-content/uploads/2009/09/100_5039-254x300.jpg" alt="100_5039" width="127" height="150" />Once upon a time, I belonged to a book club...at work...but work got in the way of our meetings. A co-worker had to go out of town one week and she challenged me to take notes. "Be creative." she siad. She created a monster.</p>
<p>My husband submitted it to the local paper and twelve years later, I've written over a hunderd articles. These articles are now being posted to this blog...with my new ones of course.</p>
you will need to change the address to point at your image and change the text for your needs