You cannot print image from the default picture window used by the Hotlink function. However, ArcView comes with a sample script that will open the image in a view instead of the picture window. You can then print the image from the view.
Use the View.LinkImage sample script to open a hotlink image in a view.
ArcView comes with a sample script that allows you to hotlink to images and open them in a view as opposed to the default picture window. This document shows how to use this script with JPEG images, which can be applied to any image format supported by ArcView views.
Open a new script window.
A. Activate the Project window. B. Click the Scripts icon. C. Click New.
Add the View.HotLinkImage (lnkimgvw.ave) sample script.
A. Select 'Load Text File' from the Script menu. B. Navigate to the ..\esri\av_gis30\arcview\samples\scripts\ directory. C. Select the script and click OK.
Rename the script 'Hotlink'.
A. Select Properties from the Script menu. B. Type in a new name in the Name field. C. Click OK.
Click the Compile button.
Switch to the View and make the theme you wish to hotlink from active.
Select Properties from the Theme menu.
Click the Hotlink icon on the left hand side.
Configure the Hotlink properties.
a. Set the Field dropdown list to the field containing the path to the image.
b. Set the Predefined Action drop down list to 'Link to User Script'.
c. Set the Script field to the Hotlink script.
Make sure the JPEG Image Support Extension is turned on.
Use the Hotlink Tool as normal.
Select Print from the File menu.
Note: Printing images from a View is not as functional as printing images from a layout. The image will only print as displayed on the screen, and it is not possible to change the print size.