While looking for a way to save embedded (as opposed to attached) pictures in Outlook, I came across this site: http://www.howto-outlook.com/howto/saveembeddedpictures.htm
The link goes to a set of instructions on how to create the macro that will save all embedded pictures in an Outlook email message. (The site owner is a Microsoft MVP for Office Systems – Outlook, is MCSA + MCSE certified for Windows 2000 and has been working professionally with Exchange and Outlook systems since 1999.)
According to the site, "The code has been tested with Outlook 2003 on Windows XP and Outlook 2007 on Windows Vista but should work on previous versions as well." I did the instructions, and it worked for me on Outlook 2007, Windows 7 64 bit system.
While Microsoft figures out a way to do it easier than copy each picture > paste into Paint > save as a ".bmp", this should help.