Navigate to this key (in the left pane):
HKEY_CURRENT_USER\Identities\{big long number}\Software\Microsoft\Outlook
Express\5.0\
and delete these two values in the right pane:
"Automatically Inline Images" and
"Automatic Slide Show Delay"
You can, however, keep "Automatically Inline Images" if you set it to 0 or
1. This could be useful if you want to totally suppress the display of
images. (0 to suppress images, 1 to allow them.)