If you mean your own artwork, then you'd take a picture of it, upload it to your computer (make sure you know where you're saving it), then select Insert > Picture in Word, browse in the location where you saved the photo, click the picture, and insert. If you mean an image from the internet or something, you can just save it to your computer and basically follow the rest of the steps above.
As an artist I resent some people's assumption that original art from my abilities and imagination, which I have sacrificed a lot to develop, should somehow default to public property. If we require artists to participate in a money economy their art belongs to them. Copying images and not following the copyright owners permissions to the letter is stealing, outright. And deep pockets like Disney has taught individuals that the hard way.
I liked it for the simple inserting of visual effects for creating newsletters. Pictures do enhance communication and the ease of using a word document and gathering an image made this task easy. Now having to go outside of my document to find the extra spice my documents need makes this less fun. I have always used animated images that were less than artistic but were entertaining. Like others I will miss this service, but I understand progress is not always comfortable.
This is TERRIBLE! Besides being able to edit vector images like Will mentioned (which is important for those of us who don't have graphic artists available to create custom images or the budget or time to buy that service ad hoc), you could also search for style "families" (different graphics that were all in the same style). There was a huge range of files and styles in the collection and it was much faster to find what you need than to do a Bing search. Plus, you knew that everything there was free and free to use, without having to worry about CC license issues.
This pretty seriously ticks me off. Why in the world would a company delete something that far ranging without at least sending an email to the customer or broadcasting it on every platform possible? I used clip art on a regular basis....making cards, mailing labels, chore charts, papers for my homeschool, etc. It would have been nice to be able to save off all those clip art graphics to my own drive before MS Office did one of their lovely updates and removed everything. Personally, I detest Bing and I'm not even remotely interested in getting involved with anything involving copyright law. Maybe it's time to make the journey to Open Office at last. Buh bye Microsoft!