Contact or Business Card images are displayed in the the Business Card view.
Open the Contact, double click on the picture placeholder and select an image from your hard drive. For best results, crop and resize it before inserting it into Outlook.
To add an image to the business card, double click on the business card and click the Image button. Select an image and adjust the placement, the size, and alignment as needed. Business card images can be set as a background image.
When you add a business card image to a contact, you'll see the business card image in the Business card view.
Tip: You can create custom forms to use for specific companies and add their logo to the business card. This makes it easier to spot contacts from the company when you use the Business Card view and you can still add the person's image to their contact form.
The tool bar buttons to add or change the Contact and Business card picture is on the Contact ribbon.
Add a Photo to an Outlook Contact Tutorial
These images will not be included in any of the Outlook printouts. I'm not aware of any print utilities that include the image at this time.
Contact tools are listed at Outlook Contact Tools