Tell us what you want to do exactly. Can the current page be replaced by the image? Do you want to open the image in a new window (or tab)? Do you want to include the image in your current page? Can the current page be refreshed?
1) use a simple &;t'a href="my_image.png">Click here for my image!
2) use a simple &;t'a href="my_image.png" target="_blank">Click here for my image!
Creating an image element on the fly may be quite hard. Not the creating itself, but the placing etc.
Instead, why not create an image element which you initially hide:
The order of these two changes is important; if you unhide it first the bogus image (or lack thereof) is shown.
Of course the image will need to be loaded so it may take sometime. Therefore, perhaps you can use an empty, transparant (GIF) image initially (instead of "dont_really_care_since_were_not_using_it_anyway"). It won't show up as a red cross (meaning image cannot be found), but still show nothing while the new image is loading.