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Yes, it is possible to insert an image from a file into an Excel spreadsheet. I am attaching a screenshot of an Excel spreadsheet with some images inserted in it. The spreadsheet contains images of Spectre (new James Bond movie) copied from YouTube and something I was reading about sewers (for conveying waste water).
The pasted image of the object can also be modified in terms of size, aspect ratio, etc, using the picture tools in the Microsoft Excel program. Depending on the version of MS-Excel installed on your computer (or laptop), the functions may have different names, but in all it is possible to copy the file and modify the Excel sheet. Just be careful about copying the original content in terms of size, quality, etc, and also about any formatting required (which may or may not be possible in your Excel version). You can also import images from other programs.
Hope this helps.
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