It depends on what mail you're using. Directly from webmail, most providers allow you to do it just like here by hitting insert hyperlink. From a client, it would depend on the client. What webmail or internal client are you intending to use? Not always possible from all resources. I just checked, and even the ancient Outlook Express had an Insert menu and a Hyperlink option.
Some allow copy and paste. Others limit it to attachments. It take a lot of work, but in those allowing attachments only, you go into a picture editor (Paint etc.) and place appropriate text with the picture. Now the recipient views what you're talking about by opening the attachment.
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