1) Add the data as ArcGIS Raster Data Type, and it will display correctly and in the right locationor2) In 9.2 Create .sdw file and use it. The insertion coordinates can be obtained from Arcmap --->layer properties ---> extents [left, top] + add the half pixel size (cell size in arcmap --->layer properties ---> Cell size to both x and y coordinates are the image insertion should be the center of the pixel