I have tried using the @attach_query_result_as_file option but there is no way to have that query written as binary that I can get to work. So the next option would be to use bcp to a temp file and then attach the file.
DECLARE @sql VARCHAR(1000)
SET @sql = 'BCP "SELECT ImageColumn FROM YourTable where id = 1 " QUERYOUT C:\TEMP\MyLogo.gif -T -fC:\TEMP\bcpFormat.fmt -S ' + @@SERVERNAME
EXEC master.dbo.xp_CmdShell @sql
exec msdb.dbo.sp_send_dbmail
@profile_name = 'MyProfile',
@recipients = 'bob@hotmail.com',
@subject = 'test as image',
@body=N'Image Test

See image there?
',
@file_attachments = 'C:\TEMP\MyLogo.gif',
@body_format = 'HTML';
The bcpFormat.fmt would look like this:
8.0
1
1 SQLIMAGE 0 0 "" 1 Image ""
That will attach the image from your database to the email as a file. It still won't show it "inline" as that would take some more work to mime encode the image into the body of the email and reference it from your html. You would also need to generate some unique names for your files and cleanup so that multiple processes won't step on each other.