just name the images like this:
<img src="dog.gif" name="image1">
<img src="house.jpg" name="image2">
then you can say:
onMouseOver="document.image1.src='boat.jpg';document.image2.src='car.jpg'"
Or what I'd do is this:
<div id="pic1"></div>
then in a function you can say:
pic1.innerHTML="<a href='link.com'><img src='boat.jpg'></a>";
or
pic1.innerHTML="<font size=5 color='red'>whatever</font>";
There are lots of ways you can do this, but using the <div>'s in my opinion is the cleanest and most simple.