It goes something like this:
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[img]http://25.media.tumblr.com/tumblr_m6lc8qVqdl1qzhoqfo1_1280.jpg[/img]
which would result in:

Now you are thinking, wow, that's huge - can I shrink it down? And, for you I've made a new tag, the "rimg" tag, which will allow you to add width and height parameters:
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[rimg width=400 height=500]http://25.media.tumblr.com/tumblr_m6lc8qVqdl1qzhoqfo1_1280.jpg[/rimg]
which results in:

