Can you say a bit more about your project, particularly about the scope of it. How many name badges, for example, are you creating? What role do you expect Excel to play?
If I were doing this, I think I'd be content using an Excel database as the source of the names (plus job titles, emails, whatever else might go in consisting of text), use that in a mail merge with Word to create the basic name badge, and then just add the photos individually. But I'm picturing creating badges for a group of no more than 50.
Even if you could have photos in Excel (which is possible), I'm first of all not sure you'd be able to use those cells as sources for a mail merge routine; but just as important, you'd have to be adding the photos individually to that Excel file to begin with.