I've done what your describing in Word 97.
What I did was go through and edit the hyperlinks in the document to reflect the location of the images on your website. If you right click on the image place holder, you should get a little box that lets you edit the hyperlink.
Otherwise you can go into the view source mode and manually edit the hyperlinks. This may actually be faster if you need to replace several occurrances of the same link -- just search and replace with the image location from your website.
Good luck. I've found Word to be a rather cumbersome way to do HTML coding.
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Most Subtle Official Straightman of the Laughing Hyenas -- Grammarian Brigade.