What you can do is create an aspx page that changes the response type to be in the format you want and then put the image into the stream. I created a barcode generator that does a similar thing. Excluding all the formalities of generating the image, you’ll Page_Load will look something like this:
Bitmap FinalBitmap = new Bitmap();
MemoryStream msStream = new MemoryStream();
strInputParameter == Request.Params("MagicParm").ToString()
// Magic code goes here to generate your bitmap image.
FinalBitmap.Save(msStream, ImageFormat.Png);
Response.Clear();
Response.ContentType = "image/png";
msStream.WriteTo(Response.OutputStream);
if ((FinalBitmap != null)) FinalBitmap.Dispose();
and that’s it! Then all you have to do in your image is set the URL to be something like RenderImage.aspx?MagicParm=WooHoo or whatever you need. That way you can have it render whatever you want to specify.