I know how to do the reverse. After you insert your clip right click on it and choose assign macro. When you click the ‘new’ button it accesses the code for the click event. Then you can have it choose the proper parameters from the Data Validation list. Not exactly what you’re looking for, but I hope it leads you in the right direction.
The easiest way to do something along these lines is to record a marcro doing it once, then once the clipart image in on the sheet stop the macro, and edit it replacing the static filename with a dynamic filename based on the data within the drop down menu. Don’t forget to include error handling in case the graphic isn’t there.