It is on the Edit menu if you hold shift down when accessing it. So I copied the cell then held down the shift key and went to the edit menu. Paste becomes Paste Picture and off you go. If you simply paste picture it just pastes a exact duplicate of the cell but if you change in the equation bar to ex. =C21 then it changes as the cell does, including formatting.

I think it may be actually called the camera tool in later versions of Excel but I am using Excel 2000. Found it referred to as such online so it may not even ever be known as that 'officially'.

Hope that helps.