Well are you in VB6 or VB.net. In VB.net you can use
My.Computer.Clipboard.setImage(). If in VB6:
CODE
Private Sub mnuCopy_Click ()
Clipboard.Clear
Clipboard.SetData Picture1.Picture
End Sub
will put the current image into the clipboard. Then a paste should work. Then other thing you can do is to save the image as a bitmap and then load it once in Word.