Can you be a little more specific?
I tried:
<img src="http://domainname.com/folder/image.gif">
and that didn't work. The [censored] text still appears.
RESOLVED: Figured it out. Whether or not it is the best way to do it, I couldn't say. But what I did was to surround the image URL with the UBB [img] tags after each each word in the list of Censored Words. Nothing I tried in the "Default Replacement Word" field worked.
If there is a better way to do this, I would really like to know. Adding in that [img] string after every individual word could get time consuming, hehe.