[Dan Zollman]

Emboss/engrave will only work for sketches or text made with the text sketch tool.

To simply put the image onto a part, decal will let you add bitmap (.bmp) images to a part. Inventor Help says .doc and .xls can be used as well, but I don't know how that works.

If you want to extrude/emboss the image or create features based on the image, you'll probably have to approximate or reconstruct the image with sketch geometry, or place a decal and trace it with a sketch.