If all images you include with \includegraphics are to be censored, then saying
\usepackage[draft]{graphicx}
will use the real bounding box for the images, but will print instead a box with the file name.
If not all the images are to be censored, I suggest to use for those a different command:
\newcommand{\cincludegraphics}[2][]{%
\includegraphics[draft,#1]{#2}}
%\let\cincludegraphics\includegraphics % Uncomment for "private version"
Use \cincludegraphics just like \includegraphics. For the nonpublic version it's sufficient to uncomment the following line.
This doesn't support \cincludegraphics*, but for that it's equivalent to specify the clip option.
If you also want to hide the file name, you can add (after having loaded graphicx)
\usepackage{etoolbox}
\makeatletter
\patchcmd{\Gin@setfile}{\rlap}{\@gobble}{}{}
\makeatother
In case you prefer to replace the file name with a word, you can say instead
\usepackage{etoolbox}
\makeatletter
\def\CENSORED@IMAGE#1{{\footnotesize Censored}}
\patchcmd{\Gin@setfile}{\rlap}{\CENSORED@IMAGE}{}{}
\makeatother
\usepackage[draft]{graphicx}– egreg Mar 17 '12 at 14:25\colorboxthat didn't work? @egreg's suggestion works but one should note that that will blacken all images. – doncherry Mar 17 '12 at 14:29\includegraphics[draft]{mypicture.png}, but it'll mean that you have to change the code manually. – yo' Mar 17 '12 at 14:30