Images being pulled in Outlook 2003 even though don't download pictures is set?

I've been getting lots of spam with images being displayed, even though
my Outlook 2003 is set to not download pictures automatically.  Here's
what I think is the relevant code (minus < and >):

DIV align=center
FONT face=Arial size=2
IMG src="cid:kfhyepds_bfjhwcxn_dkiaarqo";
/FONT
/DIV
/BODY
/HTML

Any advice on how to deal with this?  How does that "cid: .." translate
into a legitimate IP address from which to pull an image?

Thanks!

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