You can insert your raster image even in AutoCAD LT 2000 (besides embedding through the INSERTOBJ command). Just use a trick with a predefined template drawing.
Open a new drawing using a template (Use a Template), choose the template by pressing the Browse... button, click on the globe icon (Search in WWW) and in the Look in box enter: http://www.cadstudio.cz/dl/raster.dwt, press Open (you can also download the template file to your PC and use it locally).
Now you can use the _IMAGE command to set the real path to your raster image (for multiple images use a template with more images inserted). This functionality (plus much more) is also a part of the CADstudio LT Extension add-on product for AutoCAD LT.
For the 2000/i and 2002 versions see also the Tip 3254.
AutoCAD LT 2009, 2010, 2011 and higher can already attach (insert) raster images directly with the IMAGEATTACH command.
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Please use these tips at your own risk. CAD Studio (Xanadu) is not responsible for possible problems that may occur as a result of using any of these tips.
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