Word 2007 has a bug opening some pictures from Word 2003 and earlier
documents. Until Microsoft releases an official fix for this, here is a
workaround for pictures opening as black boxes.
1. Using Word 2003, open the document containing pictures so they display
correctly.
2. Right click a picture in the document, then click Format Picture.
3. Click Compress in the lower-left corner of the Picture tab.
4. Check "All pictures in document" , "No Change" , and "Delete cropped
areas of pictures" , and uncheck "Compress pictures".
WARNING: This will delete the extra (unseen) portion of any "cropped"
pictures.
Retain a backup copy of the original document in the event you may need to
adjust "cropped" image boundaries in the future. If this behavior is
undesired, or if any images are still not fixed in Word 2007, you may try
instead checking "Compress pictures", and unchecking "Delete cropped areas of
pictures". If that still fails, the only other known fix is copying and
pasting the images into a graphic editing program, saving them, and then
re-inserting them back into the document.
5. Click File, Save As, and save the file with a revised name. All pictures
in the document should now open correctly in Word 2007.
6. Confirm that the resulting file's pictures open correctly in Word 2007.