You can do that in the Text/Html module. Go here http://northstarcamaroclub.net/ClubHistory/tabid/76/Default.aspx to see it working. I have the link set to open in a new window. The image can be setup as a link.
-Insert your picture using the Insert/Edit Image button.
-While in the Image properties popup, click the Link Tab
-Choose Browse Server
-In the Link Gallry popup, choose file.
-Point to the picture you want them to see, then click the "Use Selected Link"
-Choose where you want them to open it (target). I used New Window (_blank) for the example above.
In the above example, I have the picture and the link looking at the same jpg, but I resized the one in the html module.
As for slideshows and whatnot, I like the UMG 4 module. Worth every penny.