Image with "vertical-align:bottom":

This is some text. Smiley face This is some text.

Image with "vertical-align:middle":

This is some text. Smiley face This is some text.

Image with "vertical-align:top":

This is some text. Smiley face This is some text.

Let the image float to the right:

This is some text. Smiley faceThis is some text. This is some text. This is some text.

Let the image float to the left:

This is some text. Smiley faceThis is some text. This is some text. This is some text.