Use css!
Code:
<html>
<head>
<style type="text/css">
img.middle {vertical-align:middle}
</style>
</head>
<body>
<p>
This is an
<img class="top" border="0"
src="logocss.gif" width="95" height="84" />
inside a paragraph with centered text.
</p>
</body></html>
Check out:
this example. If you change the code to the stuff above, you'll see the text aligned to the center of the image (or rather: the image is aligned to the text with its center).