Images being pulled in Outlook 2003 even though don't download pictures is set?

["Spencer, Mark" <mspencer () evidentdata com>]

I've been getting lots of spam with images being displayed, even though
my Outlook 2003 is set to not download pictures automatically.  Here's
what I think is the relevant code (minus < and >):

DIV align=center
FONT face=Arial size=2
IMG src="cid:kfhyepds_bfjhwcxn_dkiaarqo"
/FONT
/DIV
/BODY
/HTML

Any advice on how to deal with this?  How does that "cid: .." translate
into a legitimate IP address from which to pull an image?

Thanks!

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