|Word Developer Reference|
InlineShape objects are treated like characters and are positioned as characters within a line of text.
Use InlineShapes(Index), where Index is the index number, to return a single InlineShape object. Inline shapes don't have names. The following example activates the first inline shape in the active document.
|Visual Basic for Applications|
Shape objects are anchored to a range of text but are free-floating and can be positioned anywhere on the page. You can use the ConvertToInlineShape method and the ConvertToShape method to convert shapes from one type to the other. You can convert only pictures, OLE objects, and ActiveX controls to inline shapes. Use the Type property to return the type of inline shape: picture, linked picture, embedded OLE object, linked OLE object, or ActiveX control.
|When you open a document created in an earlier version of Word, pictures are converted to inline shapes.|