Create a custom banner of any size (preferably 88px by 31px) with a site picture, your name, etc in MS paint or Adobe.
Upload it onto your site. The URL will be called www.(insert site name here).com/(insert site name here)/(insert picture name here)
(For instance, if I uploaded a picture called "hi.gif" (note: you just have to upload it, you don't have to insert it) then the URL would be www.freewebs.com/gamingalr/hi.gif
Use this code. <a href="http://bla.bla/bla"><img border="0" src="bleh.bleh/bleh"> (Replace the bla.bla/bla with your website and the bleh.bleh/bleh with the image URL.)
Copy and paste it into the HTML box (button between Audio and smiley) and if it works, you'll have the image linked!
Sorry if it's confusing, this is the simplest (not to mention ONLY) way I know.