Is it possible for websites that are image based and no text content to rank high in Google? I wonder whether doing only link exchange with relevant websites and having search engine friendly title and meta tags will do the work. Any other techniques or tips?
Is it possible to rank? Yes. Is it easy to rank? No.
It takes more than link "exchanges", it takes one-way inbound links with a good assortment of relevant link text. Links that only come from exchange relationships will likely not be valued as much as a one way.
Also, don't forget to include text in the alt attribute -- but keep it to a sane level, such as 6-8 words.