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.
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.
I used clipart a LOT for newsetters and other documents. I don't always want a photo - clipart is often better at getting an idea across quickly, and I didn't need to worry about copyright because I assumed it was OK to use without permission as it was a part of the MS package. The BING option is terrible - very juvenile and hardly extensive with fewer than 50 options. And by-the-way, most of the online sites for "accessing clipart in MS Word 2010" still say to go to insert then click on clipart. Really - we hardly need such basic instructions when they aren't even correct anymore!
Back in the ‘90s, Clip Art took over Word and PowerPoint files thanks to the thousands of office workers and students who used the images as a way to “improve” their documents. These days there are a large number of free images available on the web, and Microsoft is recognizing this by killing off its Clip Art portal in recent versions Word, PowerPoint, and Outlook. “The Office.com Clip Art and image library has closed shop,” explains Microsoft’s Doug Thomas. “Usage of Office’s image library has been declining year-to-year as customers rely more on search engines.” 

Is there a potential downside? Yes. Just because a search engine sees something as Creative Commons doesn’t necessarily mean that it is. Here at MakeUseOf, for example, we’ve had at least one photographer threaten to sue us over an image he didn’t realize he himself licensed as Creative Content. He backed down when we pointed this out, and it’s one example resulting from thousands of blog posts spread over a decade, but know that this isn’t without risk.
While most references to Clip Art disappeared with Office 2013, users were able to insert the old-school images into documents using an Office.com Clip Art option. That is now being replaced by Bing Images, with Microsoft filtering images to ensure they’re based on the Creative Commons licensing system for personal or commercial use. Most of the new images are much more modern, instead of the illustrated remnants of the past. Clip Art might be facing the same Office-related demise as the great Clippy assistant, but let the images below remind you of the good old times before the modern-era takeover.
To download the clip art and animated GIFs on this site, just move your mouse over an image or animation and right-click. Then select "Save Picture As..." (or "Save Image As" if you're using a Mac). Feel free to open the pictures in your favorite graphics software, such as Photoshop, Fireworks, Gimp, etc... and edit if you wish. Keep in mind that linking to these images is not permitted.
Which brings us to Creative Commons, the license Office’s new Bing-powered search filters for. My colleague Danny explained what Creative Commons is, and why you should use it What Is Creative Commons, And Should You Use It? What Is Creative Commons, And Should You Use It? Creative Commons is a set of licenses which automatically give you permission to do various things, such as reuse and distribute the content. Let's find out more about it and how to use it. Read More , but the quick version is that it’s a way for artists to tell the web their images are free to use. 

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.
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