Yes and there's more than one way to do it:
Store your picture in a container field.
Define a calculation to return type container such as:
If (field="showpicture" ; picturefield ; "" )
Store your picture in a container in a related table.
to hide, show or select different pictures, manipulate the value of the key field.
example: create three records in your image table.
PictureId = 1, empty container field
PictureID = 2, Smileyface image in container field
PictureID = 3, Sadface image in container field
In main table, set the matching key field to 1 to hide the image, to 2 to show a smiley face, to 3 to show the sad face.