replace text in a picture

Is it possible to replace text by a picture/symbol by using a macro.

I have made a Fleet Management Report, when I use this report for a
mail-merge I want to transfer the information from one cell to a specific
picture in Word.

So a cell with e.g. -GREEN- in excel must transfer in Word into a green
light and a cell with -RED- must transfer to e.g. a red cross.

I hope you guys can help me.