It is possible to make the reference to a picture on disk or to a URL. You have to select REPRESENTATION to IMAGE and give the path or URL in the Text property of the Text Object. By making an expression in the Text property that refers to a field that contains the path or URL it can be made dynamic.
You can also select whether the images will be loaded into your QlikView QVW-file permanently or if it will only load images on demand when they are referenced - much like web-pages do it. Loading them permanently via INFO BUNDLE LOAD is often not necessary or advisable as it can increase your applications footprint quite a lot if you have many and large images.