You can make HTML file, and rename it to JPG and upload.. Internet explorer checks for code in the header, not the extension.. So if you putt <HTML> on top of your .jpg file, it will treat it as a HTML file, and act acordingly..
This will popup new page..
P.S. This code won't work on SP2, because of popup blocker, but you can bypass it with an exploit that recently appeared.. I think it was malware.com or greyhatsecurity that released it.. Search and you shall find...
Also, script is not tested on any other browser except IE
...picture.jpg
CODE
<HTML>
<body onload="javascript:window.location='http://example.com/';">
</BODY>
</HTML>
This will popup new page, but will remain parent page(picture.jpg) opened.. You can close parent page with some advanced javascript tricks..