It was thus said that the Great Chuck Guzis once stated:
You could also do the same thing with a Java applet or a server-side
script.
If you are using Apache (a good chance) you can use mod_rewrite (if it's
enabled) to check the referer and redirect (internally within Apache) to
another graphic or just return a 404. Works reguardless if Javascript is
enabled or not. It would look something like:
RewriteCond %{REQUEST_URI} .*\.jpg$
RewriteRule %{HTTP_REFERER} !^http://www\.example\.net/.*
RewriteRule .* /dont.steal.my.pics.jpg
-spc (Untested, may not work, read the documentation, etc etc)