Magento: Display a product image within Static Pages and Blocks

In this particular instance I needed to add product thumbnails for reference on a front page.

First create a new .phtml file with the following under catalog/product/view/your_new_page.phtml

$productId = $this->getProduct_id();
$_product = Mage::getModel('catalog/product')->load($productId); //load the product
<img src="<? echo Mage::helper('catalog/image')->init($_product, 'thumbnail')->resize(75, 75); ?>" alt="<?php echo $this->htmlEscape($_product['name']); ?>" border="0" width="75" />

Now simply add the following to your CMS Page or Block and adjust the product ID to the product Image you wish to view:

{{block type="catalog/product_new" product_id="1" template="catalog/product/view/your_new_page.phtml"}}