Having taken a bit of Q&A to understand your intent, I post this "answer" both to clarify for other readers what I believe the intent of your question to be, plus to assert that I think it cannot be done with any success. In my MWE, I try to place a simple circle in the rivers of text. To help show that circle to the readers, I present again the result with the rivers of whitespace replaced with red dashes. So why don't I think it feasible?
1) In my MWE, the rivers are exaggerated with multiple spaces, yet still are virtually impossible to discern, even when highlighted with red dashes. To accomplish it without such flagrant exaggeration is infinitely more difficult;
2) While whitespace rivers can be a distraction, I've never heard it asserted that they could be the focus of one's observation;
3) the "pixel resolution" of whitespace is so coarse, that even over the course of full page, the resolution is not great enough to represent an image in the white space as anything other than an unresolved blob, in my opinion.
But by all means, someone please prove me wrong.
\documentclass{article}
\usepackage{verbatimbox}
\usepackage{xcolor}
\begin{document}
\let\svdash-
\catcode`-=\active
\def\coloron{\def-{\textcolor{red}{\svdash}}}
\begin{verbnobox}[\rmfamily\coloron]
Here is our goal. It is a test. What
we are trying to see is whether or
if an image can arise in
the rivers of this text. That
is to say, can one see the circle
that is formed in large rivers of
my pic? Maybe if you squint, one
can just make it out. Barely.
Then again, maybe not.
~
Below, the relevant rivers are replaced with dashes
~
Here is our goal. It is a test. What
we are trying-----to see is whether or
if an----image can arise---in
the----rivers of this text.---That
is---to say, can one see the----circle
that---is formed in large----rivers of
my pic?----Maybe if you----squint, one
can just make--------it out. Barely.
Then again, maybe not.
\end{verbnobox}
\end{document}

If you really wanted to embed a hidden image, and I suggest a more mature message than that contemplated by your labmate "friends", there are much easier ways:
\documentclass{article}
\usepackage{stackengine,xcolor, graphicx}
\begin{document}
Where is the hidden image%
\stackinset{c}{-.2pt}{b}{.3pt}{\scalebox{0.02}{\textcolor{white}{Hi, mom}}}{?}
\end{document}


one\rlap{\includegraphics{picture}} twowill typesetone twoas normal with the image somewhere between the two words, is that what you mean? – David Carlisle May 12 '14 at 09:51