Option Explicit

Dim strCellAddress
Dim strPictureFile

Dim objExcel
Dim objWorkbook


strCellAddress = "b5"
strPictureFile = "C:\Documents and Settings\User\Мои документы\Мои рисунки\PicPic\Image001_20130523_150425.png"

Set objExcel    = WScript.CreateObject("Excel.Application")
Set objWorkbook = objExcel.Workbooks.Add()

With objWorkbook.Worksheets.Item(1).Range(strCellAddress)
    .Worksheet.Shapes.AddPicture strPictureFile, False, True, .Left, .Top, .Width, .Height
End With

objExcel.Visible = True

'objWorkbook.Save
'objWorkbook.Close
'objExcel.Quit

Set objWorkbook = Nothing
Set objExcel    = Nothing

WScript.Quit