Powerpoint Hanging/Freezing

All works well with Powerpoint 2003. However, when I go to add a photo, the program completely locks up. My theory is that the last time I was working on it, I added pictures from a data stick (which is now conveniently missing), so that now, when I click on insert > photo > from file . . . I get the hourglass and associated freezing, because it’s trying to look for the file folder in a drive that isn’t there?

Is that a reasonable assumption? If so, is there a way to “trick” powerpoint into looking for files in a different location, before I click on insert > photo > from file?

Or are there any other theories on why this might be happening? Clip-art, or other insert functions work just fine.