I love playing with all of the Web 2.0 applications out there. So much fun! This one is called PicLits and you can select pictures and use the words in drag-n-drop feature or freestyle to create a saying, a poem, whatever you like. Only thing I don't like about it is you are pretty much stuck with the font and the font color - which may or may not work for your image.
Give it a try!
See the full PicLit at PicLits.com