Let's say I have the following text (a part of a paragraph):
hello world
I want to be able to typeset a small star/smiley/whatever graphic in between these two words. This graphic should of course be treated like a regular word, in the sense that we get proper spacing around it, just like for regular words.
The graphic should preferably be written right there in some MetaPost/PSTricks-like code, but I can also accept that I have to include it through an external PDF file.
How can I do this?
Edit: Come to think about it, I guess what I may be asking for is a way to create a new character, without actually having to mess with font-related stuff.

\includegraphicscan be used anywhere. – egreg Sep 03 '12 at 12:45