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<div>
<img src="/path/" alt="" />
<p style="vertical-align: middle">Your text.....</p>
</div>
Keep in mind if you float the image left or right, your text will probably go to the top. There is a work-around, though.
Also, I would put the style in the head or external stylesheet. I put it inline in this example to keep it simple.
middle differently. And, vertical-align:middle in the img tag should work .. since it doesn't matter if the image is positioned or the text. If it's only one line of text it will have basically the same effect. However, if absolute "middle" is required, I would suggest two DIV's or SPAN's with the same height .. Set vertical-align:middle for both SPAN tags (not for the image itself)
Another little thought .. If the image has the same height as the text there is a better solution. Use this in the image tag:
vertical-align:top;
margin-top:1px;
You might have to play around with the margin .. but at least it will look the same in all browsers.